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Gold falls to ` 31,350 on weak global cues, muted demand

Gold falls to ` 31,350 on weak global cues, muted demand

Wed July 11 2018


Gold prices fell further by ` 30 to ` 31,350 per 10 grams at the bullion market largely due to a weak trend overseas amid tepid demand from local jewellers. Silver followed suit and lost another ` 150 at ` 40,500 per kg owing to reduced offtake by industrial units and coin makers.


Marketmen said sentiment remained downbeat on the back of subdued global cues as the US dollar strengthened against yuan due to an escalating trade spat between the United States and China. Furthermore, muted demand from local jewellers and retailers at the domestic spot market put pressure on prices.


Globally, gold fell 0.36 per cent to $1,250.50 an ounce and silver by 0.75 per cent to $15.90 an ounce in Singapore.


In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed ` 30 each to ` 31,350 and ` 31,200 per 10 grams, respectively. The precious metal had lost ` 270 yesterday. Sovereign, however, held steady at ` 24,800 per piece of eight grams in limited deals.


In sync with gold, silver ready drifted lower by ` 150 to ` 40,500 per kg and weekly-based delivery by ` 265 to ` 39,610 per kg. Silver coins, however, continued to be enquired at the previous level of ` 75,000 for buying and ` 76,000 for selling of 100 pieces.


Source: Hindu business line.