Markets

Gold remains weak on sluggish demand, global cues

more-in

Extending declines for the fourth day, gold prices on Tuesday fell by another Rs. 50 to close at Rs. 28,550 per ten gram at the bullion market in the national capital due to subdued demand from jewellers amid a weak trend overseas on easing geopolitical tensions.

However, silver found fresh buying support from industrial units and recovered by Rs. 420 to Rs. 43,300 per kg.

Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.

Furthermore, strengthening rupee against the U.S. dollar, making imports cheaper and shifting of funds towards surging equity markets also influenced gold prices, they said.

Globally, gold in New York fell 0.56 per cent to $1,297.20 an ounce in Monday’s trade.

In Delhi, gold of 99.9 and 99.5 per cent purity traded Rs. 50 each down at Rs. 28,550 and Rs. 28,350 per ten gram respectively. The yellow metal had lost Rs. 220 in the past three days.

Sovereign, however, recovered by Rs. 100 to Rs. 24,800 per piece of eight gram on some buying.

On the other hand, silver ready rebounded by Rs. 420 to Rs. 43,300 per kg and weekly-based delivery by Rs. 100 to Rs. 42,680 per kg.

Meanwhile, silver coins continued to be asked at last level of Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jan 28, 2020 3:23:28 PM | https://www.thehindu.com/business/markets/gold-remains-weak-on-sluggish-demand-global-cues/article6331676.ece

Next Story