Gold prices slip Rs 100 to Rs 38,570 per 10 gram on muted demand, weak overseas trend

  • In the national capital, gold of 99.9 percent and 99.5 percent purity reduced Rs 100 to Rs 38,570 and Rs 38,400 per 10 gram, respectively

  • Traders said easing demand from local jewellers amid weak global trend mainly weighed on gold prices

  • Gold had reached its all-time high mark of Rs 38,670 on Saturday

New Delhi: Gold prices on Monday declined by Rs 100 to Rs 38,570 per 10 gram in the national capital, tracking weak trend overseas and lacklustre demand from jewellers, according to the All India Sarafa Association.

Gold had reached its all-time high mark of Rs 38,670 on Saturday.

Silver also fell by Rs 50 to Rs 45,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said easing demand from local jewellers amid weak global trend mainly weighed on gold prices.

 Gold prices slip Rs 100 to Rs 38,570 per 10 gram on muted demand, weak overseas trend

Representational image. Reuters.

Globally, spot gold was trading 0.98 percent lower at $1,499 an ounce in New York, while silver was down 0.18 percent to $17.00 an ounce.

Gold witnessed selling on positive market sentiment as the rise in global equity indices underpinned demand for safe-haven assets, HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Global equity markets traded firm as Germany and China signalled stimulus measures to support economic recovery, he added.

In the national capital, gold of 99.9 percent and 99.5 percent purity reduced Rs 100 to Rs 38,570 and Rs 38,400 per 10 gram, respectively.

Sovereign gold held steady at 28,800 per eight gram.

On Saturday, gold had risen by Rs 250 to Rs 38,670 per 10 gram, while silver gained Rs 362 to Rs 45,050 per kg.

Meanwhile, silver ready dropped by Rs 50 to 45,000 per kg on Monday, while weekly-based delivery fell Rs 289 to Rs 43,535 per kg.

Price of silver coins held flat at Rs 91,000 for buying and Rs 92,000 for selling of 100 pieces.

Updated Date: Aug 19, 2019 16:06:01 IST