Markets

Gold prices move down by ₹ 115 after safe haven appeal hit

Gold came under pressure from a rising dollar with a fall of ₹ 115 to ₹ 30,135 per 10 grams on Monday , which was compounded by tepid demand from local jewellers.

The fall was in line with a weak trend overseas as the strength in the dollar dented demand for the precious metal as a safe haven.

Silver too lost sheen, losing ₹ 450 to ₹40,050 per kg, following reduced offtake by industrial units and coin makers.

The dollar firmed up after upbeat US economic data bolstered prospects of further interest rate hike by the Federal Reserve and diminished appeal of the precious metal.

A fading demand from local jewellers and retailers and shifting of funds towards rising equity market came as a drag.

Globally, gold fell 0.03 % to $ 1,269 an ounce in Singapore.

In the national capital, gold of 99.9 % and 99.5 % purity came down by ₹ 115 each to ₹30,135 and ₹ 29,985 per 10 grams, respectively.

Sovereign, however, remained unchanged at ₹ 24,700 per piece of eight grams in sparse deals.

Following gold, silver ready dropped by ₹450 to ₹ 40,050 per kg and weekly-based delivery by ₹ 490 to₹39,135 per kg.

Silver coins too plunged by ₹ 1,000 to ₹ 73,000 for buying and ₹74,000 for selling of 100 pieces.

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Printable version | Nov 27, 2020 9:16:32 AM | https://www.thehindu.com/business/markets/gold-prices-move-down-by-115-after-safe-haven-appeal-hit/article19992401.ece

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