Gold prices remain weak on slow demand from jewellers
Gold prices inch lower by Rs 5 to Rs 30,560 per 10 grams due to tepid demand from jewellers and weak global cues, while silver prices recovered by Rs 55 to Rs 38,970 per kg
New Delhi: Gold prices inch lower by Rs 5 to Rs 30,560 per 10 grams on Thursday due to tepid demand from jewellers and weak global cues, reported PTI. Gold rates steadied on Thursday in global markets after two sessions of gains as a stronger dollar index weighed on upside momentum, though the metal found some comfort from a steadier yuan. In Delhi, gold prices of 99.9% and 99.5% purity shed another Rs 5 each to Rs 30,560 and Rs 30,410 per 10 grams, respectively. The precious metal had lost Rs 20 on Thursday.
Global spot gold rate was up 0.1% at $1,214.51 an ounce at 3.45pm, having gained 0.2% in the previous session. US gold futures were up 0.1% at $1,222.50.
Against a currency basket, the dollar rose thanks to simmering geopolitical tensions around the world, though traders said the greenback needed fresh impetus or an escalation in trade tensions to move higher. A strong dollar makes dollar-priced gold costlier for non-US investors.
Safe-haven asset gold has largely failed to benefit from rising geopolitical tensions this year, as investors have chosen the safety of the dollar over the precious metal. China said late on Wednesday it would slap retaliatory tariffs of 25 percent on $16 billion worth of US imports. Also on Wednesday, Washington said it would impose fresh sanctions on Russia after it determined Moscow had used a nerve agent against a former Russian agent and his daughter in Britain.
Gold, a traditional safe haven, has largely failed to benefit from rising geopolitical tensions this year, as investors have chosen the safety of the dollar over the precious metal.
On the other hand, silver prices recovered by Rs 55 to Rs 38,970 per kg on scattered enquiries from industrial units and coin makers, added the report.
With inputs from agencies
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