Markets

Gold slides ₹70 on muted demand; silver jumps ₹660

Gold prices drop by ₹70 to ₹35,500 per 10 gram; Silver prices surge ₹660 to ₹40,190 per kg

Silver prices on July 17 surged ₹660 to ₹40,190 per kg in the national capital amid increased offtake by industrial units and coin makers even as gold prices dropped by ₹70 to ₹35,500 per 10 gram, according to All India Sarafa Association.

Traders attributed the fall in gold prices to low demand from jewellers amid weak global trend.

Globally, spot gold was trading lower at $1,402.80 an ounce in New York after the U.S. retail sales data of June showed better than expected rise which pushed dollar upwards thereby putting pressure on precious metal.

Meanwhile silver was quoting higher at $15.65 an ounce.

In the national capital, gold of 99.9% and 99.5% purity declined by ₹70 to ₹35,500 and ₹35,330 per 10 gram, respectively.

Sovereign gold held steady at ₹27,400 per eight gram.

On July 16, the precious metal had rose by ₹100.

Silver ready jumped ₹660 to ₹40,190 per kg and weekly-based delivery surged ₹687 to ₹39,397 per kg.

Prices of silver coins held flat at ₹81,000 for buying and ₹82,000 for selling of 100 pieces.

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Printable version | Jun 1, 2020 4:14:59 PM | https://www.thehindu.com/business/markets/gold-slides-70-on-muted-demand-silver-jumps-660/article28515710.ece

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