Facebook Pixel Code

Gold, silver prices decline on low demand, global cues

Sentiments remained downbeat largely in tandem with a weak trend overseas where gold retreated to a two-week low as upbeat US economic data boosted the dollar, diminishing appeal of the precious metal as a safe-haven, bullion traders said.

Gold, silver, Gold price, silver price, bullion market, market news
Gold, silver prices decline on low demand, global cues

Gold prices fell by Rs 120 to Rs 34,080 per 10 gram at the bullion market Friday due to tepid demand from jewellers, according to All India Sarafa Association. Besides, silver rates dropped by Rs 370 to Rs 40,680 per kg due to reduced offtake by industrial units and coin makers.

Sentiments remained downbeat largely in tandem with a weak trend overseas where gold retreated to a two-week low as upbeat US economic data boosted the dollar, diminishing appeal of the precious metal as a safe-haven, bullion traders said. Globally, spot gold fell by 0.28 per cent to USD 1,310.20 an ounce and silver by 0.22 per cent to USD 15.64 an ounce in New York Friday.

Traders attributed the subdued trend in the precious metal to lacklustre demand from local jewellers. In the national capital, gold of 99.9 per cent and 99.5 purity declined by Rs 120 each to Rs 34,080 and Rs 33,910 per 10 gram, respectively. The precious metal had lost Rs 450 Thursday.

Read Also| SEBI board meet highlights: Lower fees, easier norms for startups approved; key things to know

Sovereign gold, too, fell by Rs 100 to Rs 26,500 per piece of 8 gram. Tracking gold, silver ready dropped by Rs 370 to Rs 40,680 per kg and weekly-based delivery by Rs 724 to Rs 39,144 per kg. Silver coins, too, faced some pressure and fell by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

If you are keen to know more about Nifty 50 and BSE Sensex levels and seek expert advice on what’s driving the gains and how to build your portfolio, track the latest stock market stats, share market news and top brokerage bets on Financial Express. Download the Financial Express App for the fastest and most reliable business news alerts, key investment strategies and latest movers and shakers from across financial market.

First published on: 01-03-2019 at 15:45 IST
Market Data
Market Data
Today’s Most Popular Stories ×