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Gold falls by ₹ 360 on tepid demand, weak overseas trend

Tue June 11 2019

 

Silver too followed the suit and weakened by ₹ 290 to ₹ 37,560 per kg

 

Gold prices fell by ₹ 360 to ₹ 33,370 per 10 gram in the national capital on Tuesday tracking a weak trend overseas and tepid demand from local jewellers, according to the All India Sarafa Association.

 

Silver also followed suit and weakened by ₹ 290 to ₹ 37,560 per kg due to reduced off-take by industrial units and coin makers.

 

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic market.

 

Globally, spot gold was trading lower at USD 1,322.70 an ounce in New York amid easing global trade war concerns after the US dropped its threat to impose tariffs on Mexico, reducing the yellow metal’s appeal as safe-haven. Silver was down at USD 14.74 an ounce.

 

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by ₹ 360 to ₹ 33,370 per 10 gram and ₹ 33,200 per 10 gram, respectively.

 

Sovereign gold, however, remained flat at ₹ 26,700 per eight gram.

 

Silver ready fell by ₹ 290 to ₹ 37,560 per kg, while weekly-based delivery dropped ₹ 72 to ₹ 36,655 per kg.

 

Silver coins held flat at ₹ 80,000 for buying and ₹ 81,000 for selling of 100 pieces.

 

Source: https://www.thehindubusinessline.com/