Silver rises but Yellow metal cheaper by Rs 50 owing to weaker global cues and tepid demand

Last Updated: Tue, Sep 04, 2018 19:16 hrs
Gold Shop (AP Photo)

According to a news story, prices of Yellow metal have eased by at least Rs 50 to Rs 31,200 per 10 gram at the bullion market.

This was attributed to subdued demand from local jewelers amid a weak overseas trend. At the time of updating this story, Gold in International markets was trading at a 0.56% decline at $1194.47 per ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 50 each to Rs 31,200 and Rs 31,050 per 10 gram, respectively.

The Yellow Metal on Monday had traded cheaper by Rs 100.

Prices of sovereign have remained steady at Rs 24,500 per piece of eight gram in limited deals.

Silver prices on the contrary rose Rs 150 to Rs 37,850 per kilo owing to serious inquiries from industrial units and coin makers.

The report published by PTI said market-men found gold prices falling in line with a weaker global trend as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.

Sluggish demand from local jewellers and retailers only added to pressures for the Yellow metal.

So far there is nothing concrete to connect the price-drop with a Reserve Bank's recent report that it procured 8.46 tonnes of Gold in 2018.

An RBI report said that the Central Bank purchased Gold first time in 9 years.

Silver prices, on the other hand, rose by Rs 150 to Rs 37,850 per kg and weekly-based delivery by Rs 75 to Rs 36,770 per kg. Silver coins however remained flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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