Gold declines on weak global cues, low demand


Team Udayavani, Nov 24, 2018, 3:15 PM IST

New Delhi: Taking weak cues from the global market and fall in demand from local jewellers, gold prices dipped below the Rs 32,000-mark by plunging Rs 400 to Rs 31,750 per 10 grams at the bullion market during the week.

Silver also weakened on poor offtake by industrial units and coin makers.

Traders said sentiment turned bearish in sync with the weak trend overseas as prospects of higher US interest rates are negative for dollar-priced gold.

Globally, gold ended the week at USD 1,222.74 per ounce and silver at USD 14.27 an ounce in New York.

In addition, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on the prices, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity started the week on a subdued note and closed at Rs 31,750 and Rs 31,600 per 10 grams respectively, showing a fall of Rs 400 each.

Sovereign, after remaining steady at Rs 24,800 per piece of 8 grams for the better part of the week on some support, came under pressure on Saturday and ended with a fall of Rs 100 at Rs 24,700.

In line with overall trends, silver ready traded in the negative zone through the week and ended lower by Rs 850 to Rs 37,300 per kg and weekly-based delivery dropped by Rs 923 Rs 36,100 per kg.

Silver coins, on the other hand, remained unchanged at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

CBDT allows tax officials to waive or reduce interest due from assessee

Markets fall in early trade amid unabated foreign fund outflows

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours

Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested

Govt clerk found dead in Tahsildar’s chamber, FIR filed against minister’s PA, 2 others

Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish

MP Brijesh Chowta urges Kerala CM for strict action against attack on Edneer Swamiji’s vehicle

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.