Gold prices today fall on weak demand, silver steady
1 min read 16 Nov 2018, 06:03 PM ISTGold prices of 99.9% and 99.5% purity today dropped by ₹235 each to ₹32,015 and ₹31,865 per 10 gram, respectively
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New Delhi: Gold prices fell today on muted demand from local jewellers and a strengthening rupee. Gold rates declined by ₹ 235 to ₹ 32,015 per 10 grams. Silver rates today were however steady at ₹ 37,900 per kg. The rupee today jumped against the US dollar, closing at 71.92 against the US dollar. The rupee had gained 34 paise to close at a two-month high of 71.97 against the US dollar yesterday. A jump in the value of the rupee against the US dollar makes import of the precious metal cheaper.
In Delhi, gold prices of 99.9% and 99.5% purity dropped by ₹ 235 each to ₹ 32,015 and ₹ 31,865 per 10 gram, respectively. The precious metal had risen ₹ 350 yesterday. Sovereign gold, however, remained flat at ₹ 24,800 per piece of 8 gram.
Silver ready however ended steady at ₹ 37,900 per kg on scattered demand, while weekly-based delivery rose by ₹ 147 to ₹ 36,818 per kg on speculative buying. Silver coins continued to be traded at previous level of ₹ 73,000 for buying and ₹ 74,000 for selling of 100 pieces.
Traders said higher global gold prices helped limit the fall in domestic prices. In global markets, gold rose to a one-week high as the dollar softened. Spot gold was up 0.2% at $1,215.33 per ounce.
“Investors are a bit more interested in gold ... the momentum is up, we may go to $1,250 in the short term," Reuters quoted an ABN AMRO analyst as saying.
The dollar inched down to 96.76 against a basket of major currencies after British Prime Minister Theresa May clung to her Brexit plan despite the resignations of senior ministers. A weaker dollar makes bullion cheaper for holders of other currencies.
The US dollar has emerged as a dominant safe-haven asset this year on the back of a US-China trade dispute, denting the appeal of gold, which has fallen 11%. But gold prices have rallied this year in India as the drop in rupee’s value has increased the imported price of gold.
With Agency Inputs
