Gold price suffers more losses, settles at Rs 27,850 per 10 grams
Gold prices suffered more losses falling by Rs 50 to Rs 27,850 per 10 grams at the bullion market Tuesday, tracking a weak trend overseas amid sluggish demand from jewellers at the domestic market.
New Delhi: Gold prices suffered more losses falling by Rs 50 to Rs 27,850 per 10 grams at the bullion market Tuesday, tracking a weak trend overseas amid sluggish demand from jewellers at the domestic market.
Silver too cracked below the Rs 40,000-mark by falling Rs 1,000 to Rs 39,000 per kg due to reduced offtake by industrial units and coin makers.
At the Multi Commodity Exchange (MCX), gold for delivery in February month fell by Rs 71, or 0.26 percent, to Rs 27,189 per ten grams.
Market analysts attributed the fall in gold futures was mostly in tune with a weak trend overseas.
Apart from a weak trend overseas, drop in demand from jewellers and retailers at the domestic spot market in view of the prevailing cash crunch after the currency recall last month to flush out black money also put pressure on the prices.
Globally, gold fell on Tuesday after deadly incidents in Germany and Turkey failed to spur safe-haven buying, with markets focused on the possibility of further US interest rate hikes next year. Spot gold had fallen half a percent to USD 1,133.10 an ounce, after closing up in the two previous sessions. US gold futures dropped 0.7 percent to USD 1,135.20 per ounce.
In the national capital, gold of 99.9 percent and 99.5 percent purity declined by Rs 50 each to Rs 27,850 and Rs 27,700 per 10 grams, respectively. The precious metal had shed Rs 30 in yesterday's trade.
Following gold, silver ready plunged by Rs 1,000 to Rs 39,000 per kg and weekly-based delivery by Rs 555 to Rs 39,045 per kg.
On the other hand, silver coins held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.
With Agency Inputs