Gold prices slide today on weak demand, global cues
Gold prices declined by ₹185 to ₹31,715 per 10 gram on Wednesday, following a drop in demand from local jewellers and weak global cues
New Delhi: Gold prices declined by ₹ 185 to ₹ 31,715 per 10 gram on Wednesday, following a drop in demand from local jewellers and weak global cues, reported PTI. Global gold prices fell further after hitting a six-month low in the previous session as the US dollar rose to an 11-month high against a basket of six major currencies on rising trade tensions.
In Delhi, gold rate of 99.9% and 99.5% purity fell by ₹ 185 each to ₹ 31,715 and ₹ 31,565 per 10 gram, respectively.
Global spot gold rate was down 0.2% at $1,272.52 an ounce, as of 3.49pm. The metal fell to its lowest since 22 December at $1,270 an ounce on Tuesday. US gold futures for August delivery were down 0.3% at $1,274.20 per ounce.
Silver prices remained steady at ₹ 41,000 per kg on scattered demand from industrial units and coin makers, added the report.
Global equity markets stabilised after Tuesday’s plunge on US-China trade war woes, with signs of Chinese market support and speculation about some monetary policy easing there helping a rebound in Shanghai. Rising equities tend to indicate more appetite for riskier investments and can weigh on safe havens like gold.
Meanwhile, the rupee strengthened against US dollar to 68.14, up 0.36% from its previous close of 68.38.
With input from agency
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