Gold down by Rs 20 on sluggish demand, global cues

Gold prices on Tuesday fell further by Rs 20 to Rs 27,300 per 10 grams in the national capital on sustained selling by stockists on sluggish demand amid a weakening global trend.

However, silver held steady at Rs 41,500 per kg in restricted buying from industrial units and coin makers.

The sentiment in gold remained bearish as the metal traded near its lowest level since September, 2010 in global markets.

They said the metal declined in global markets as investors weighed the prospect of reduced monetary stimulus by the US Federal Reserve and slower growth in China.

Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.4 per cent to USD 1,276.73 an ounce.

Besides, sluggish demand following off-marriage season also influenced the sentiment to some extent.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 20 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively. It had lost Rs 320 yesterday.

Sovereigns held steady at Rs 24,200 per piece of eight grams.

On the other hand, silver ready held steady at Rs 41,500 per kg while weekly-based delivery declined further by Rs 235 to Rs 40,615 per kg. Silver coins continued to be asked around previous level of Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Aug 14, 2022 6:25:47 am |