Gold dips Rs 30 per gram amid rising dollar and weaker demand

Last Updated: Tue, Dec 05, 2017 12:57 hrs
A customer looks at gold ornaments on display inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi

The wedding season is here, and you must have read our recommendations on how to maintain Gold, but good news for buyers like you is the dipping Gold trend within the start of the first week of December.

Here is how you should maintain your gold investments

Within a day, gold prices in the domestic market have tumbled from a range of 0.20% to as much as 1%. Gold prices in Delhi, nosedived by as much Rs 300 per 10 grams for the 24 Karat variant, while the 22 Karat variant dipped to Rs 28150 per ten grams.

Prices in Chennai, according to data compiled by Sify.com, have dipped by 1.03%. 24 Karat or Pure Gold that was retailing at Rs 3002 per gram on Friday, lost Rs. 30, with dealers and associations quoting price of Rs 2971 per gram on Monday evening.

Prices in several domestic markets have shown a tepid buying trend. Hyderabad saw prices dip by 0.82%, while markets such as Bengaluru (down by 0.37%) and Kolkata (down by 0.38%) too showed a declining trend for the yellow metal.

Besides a weaker demand, a stronger Dollar has led investors to off-load their Gold bets. Gold in the spot markets dipped by as much as 0.46% to $1273.70 an ounce.

There was also a cascading impact on Silver and Paper Gold. Silver dipped by 0.40% to $16.36 an ounce in the spot-markets, while in the domestic markets, Silver shed Rs 150 to quote price of Rs 39000 per kilogram. Dealers suggested that this was owing to reduced offtake from industrial units and coin makers.

Paper Gold or Sovereign Gold too shed Rs 100 for eight grams, trading at Rs 24600.

Amid this tepid response, take a look at some of the finest jewellery designs and trends, and the most prominent questions that one must ask while buying Gold. 

Also Read:

Buying gold? Don't fail to ask these questions!

Find out which brides wear the most gold in India?

Gold jewellery Malayali brides favour

The gold jewellery that Tamil brides favour

Gold rate in india

Get latest gold rates on the go with the Gold Rate Now App on your Android smartphone. Click here to download.

More from Sify: