Markets

Gold weakens on global cues, sluggish demand

Globally, gold lost 0.3 per cent to USD 1,136 an ounce in Singapore. File photo

Globally, gold lost 0.3 per cent to USD 1,136 an ounce in Singapore. File photo

Gold prices edged down by Rs. 15 to Rs. 26,660 at the bullion market on Monday owing to weak global cues amid sluggish demand from jewellers.

However, silver regained the psychological level of Rs. 36,000 per kg by gaining Rs. 100 on increased offtake by industrial units and coin makers.

Bullion traders said besides weak global cues where it slipped from over two-week as some Federal Reserve policy makers suggested the US central bank may still raise interest rates this year, subdued demand from jewellers and retailers mainly attributed fall in gold prices.

Globally, gold lost 0.3 per cent to USD 1,136 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity shed Rs. 15 each to Rs. 26,660 and Rs. 26,510 per ten grams respectively. The precious metals had gained Rs. 75 on Saturday.

Sovereign, however, held steady at Rs. 22,300 per piece of eight gram in limited deals.

On the other hand, silver ready rose by Rs. 100 to Rs. 36,000 per kg and weekly-based delivery by Rs. 35 to Rs. 36,105 per kg.

Silver coins after moving in a narrow range in scattered deals, settled around previous level of Rs. 52,000 for buying and Rs. 53,000 for selling of 100 pieces.


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Printable version | Aug 13, 2022 8:59:33 am | https://www.thehindu.com/business/markets/gold-weakens-on-global-cues-sluggish-demand/article7673896.ece