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Gold falls below `

Gold falls below `. 31,000-mark; silver down at `. 41,650 per kg

Tue Sep 12 2017


Gold prices slid `. 150 cracking below the `. 31,000-mark today due to a weak global trend. At the close, prices of the yellow metal stood at `. 30,850 per 10 grams.


Easing demand from local jewellers as well as retailers also weighed on yellow metal prices.


Appeal for safe haven assets like gold, Japanese Yen, Swiss Franc and treasuries faded on easing North Korean tensions and less than feared strength of hurricane Irma that battered the Florida coast of the US.


Silver prices also dropped by `. 50 to `. 41,650 per kg on reduced offtake by industrial units and coin makers.


Marketmen said apart from a weak trend overseas, fall in demand from local jewellers and retailers in view of ongoing inauspicious ‘Shradh’ weighed on gold prices.


Globally, gold fell 0.08 per cent to $1,325,90 an ounce at Singapore. Silver declined 0.31 per cent to $17.70 an ounce.


In the national capital, gold of 99.9 per cent and 99.5 per cent purity tumbled by `. 150 each to `. 30,850 and `. 30,700 per 10 grams, respectively. It had gained `. 470 in yesterday’s trade. Sovereign, however, held steady at `. 24,700 per piece of eight grams.


Tracking the yellow metal, silver ready traded lower by `. 50 to `. 41,650 per kg and weekly-based delivery shed `. 10 to `. 41,030 per kg. Silver coins, however, remained unaltered at `. 74,000 for buying and `. 75,000 for selling of 100 pieces


Source: Hindu business line.