Gold prices fall by Rs90 today on muted demand, silver rate surges
Gold prices fall by Rs90 to Rs31,860 per 10 gram due to slackened demand from local jewellers despite a strong trend in global markets
New Delhi: Gold prices fell by Rs90 to Rs31,860 per 10 gram on Thursday due to slackened demand from local jewellers despite a strong trend in global markets, reported PTI. Global gold prices hit a two-week high over weak US dollar and US-Chinese trade tensions, gains were, however, capped by a hawkish Federal Reserve rate outlook.
Global spot gold rose 0.5% to $1,304.65 per ounce at 3.50pm. It earlier hit a high of $1,303.58 an ounce, its best since 31 May. US gold futures for August delivery rose 0.6 percent to $1,308.90 per ounce.
In Delhi, gold rate of 99.9% and 99.5% purity declined by Rs90 each to Rs31,860 and Rs31,710 per 10 gram, respectively.
Silver prices, on the other hand, soared by Rs400 to Rs41,950 per kg backed by increased offtake by industrial units and coin makers, added the report.
Equities in global markets declined amid worries over hawkish Fed and European Central Bank policy, with investors concerned also about surprisingly weak Chinese data and US threats to impose tariffs on billions of dollars in Chinese goods. Weakness in equities supports safe heaven gold.
The Indian rupee on Thursday weakened for the third session against the US dollar after a central bank report showed India’s current-account deficit widened more than expected in the last quarter. The rupee opened at 67.56 a dollar, and touched a high and a low of 67.55 and 67.70, respectively.
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