Markets

Gold down on weak global cues, low demand

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Gold fell by ₹ 50 to ₹ 30,850 per 10 gram at the bullion market today on weak cues from overseas markets and fall in demand from local jewellers at domestic spot market.

Silver followed suit and eased by ₹ 200 to Rs 41,400 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas, shrugging off North Korea’s latest missile launch over Japan with strong US inflation data raising hopes of another interest rate hike, mainly kept gold prices lower.

Besides, fading demand from local jewellers and retailers at domestic spot markets due to ongoing inauspicious fortnight of “Sharadh”, too weighed on the prices, they added.

Globally, gold fell 0.74 % to $ 1,319.20 an ounce and silver by 1.27 % to $ 17.54 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 % and 99.5 % purity declined further by ₹ 50 each to ₹30,850 and ₹30,700 per 10 gram respectively. It lost ₹ 100 on Friday.

Sovereign, however, remained flat at ₹ 24,700 per piece of eight gram.

Tracking gold, silver ready fell by ₹ 200 to ₹ 41,400 per kg while weekly—based delivery lost ₹305 to ₹40,815 per kg.

On the other hand, silver coins remained unaltered at ₹ 74,000 for buying and ₹75,000 for selling of 100 pieces.

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Printable version | Jan 21, 2020 1:47:31 PM | https://www.thehindu.com/business/markets/gold-down-on-weak-global-cues-low-demand/article19698745.ece

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