Gold slips below Rs 40,000-mark, falls Rs 500 per 10 gram; silver drops Rs 450 on reduced industrial demand

After crossing record Rs 40,000-mark, gold price on Friday declined Rs 500 to Rs 39,720 per 10 gram in the national capital, according to the All India Sarafa Association, as positive developments in US-China trade talks reduced the safe-haven appeal of the yellow metal

Press Trust of India August 30, 2019 16:33:39 IST
Gold slips below Rs 40,000-mark, falls Rs 500 per 10 gram; silver drops Rs 450 on reduced industrial demand
  • Easing in demand from jewellers in the domestic spot market amid sluggish trend overseas mainly led to a decline in gold prices, traders said

  • In the national capital, gold of 99.9 percent purity reduced by Rs 500 to Rs 39,720 per 10 gram while that of 99.5 purity fell Rs 520 to Rs 39,530 per 10 gram

  • Silver also dropped Rs 450 to Rs 48,600 per kg on reduced offtake by industrial units and coin makers

New Delhi: After crossing record Rs 40,000-mark, gold price on Friday declined Rs 500 to Rs 39,720 per 10 gram in the national capital, according to the All India Sarafa Association, as positive developments in US-China trade talks reduced the safe-haven appeal of the yellow metal.

The yellow metal on Thursday rose by Rs 250 to touch a record high of Rs 40,220 per 10 gram in the national capital.

Silver also dropped Rs 450 to Rs 48,600 per kg on reduced offtake by industrial units and coin makers.

Easing in demand from jewellers in the domestic spot market amid sluggish trend overseas mainly led to a decline in gold prices, traders said.

Gold slips below Rs 40000mark falls Rs 500 per 10 gram silver drops Rs 450 on reduced industrial demand

Representational image. Reuters.

Besides, appreciation in the rupee also weighed on precious metal, they added. In the early trade on Friday, the rupee was trading 12 paise higher at 71.67 vis-a-vis the dollar. The rise in the domestic currency makes the import of gold cheaper.

Globally, gold was trading lower at $1,526.80 an ounce in New York, while silver was up at $18.52 an ounce.

"Globally, spot gold corrected slightly but hovering well above $1,500 an ounce due to positive comments from US President (Donald Trump) on US-China trade discussions which eased gold's safe-haven appeal," said Hareesh V, head (commodity research), Geojit Financial Services.

On the domestic market, prices dipped lower from an all-time high hit on Thursday due to a strong Indian rupee and cues from the benchmark international market, he added.

In the national capital, gold of 99.9 percent purity reduced by Rs 500 to Rs 39,720 per 10 gram while that of 99.5 purity fell Rs 520 to Rs 39,530 per 10 gram.

Sovereign gold also dropped Rs 100 to Rs 30,100 per eight grams.

Silver ready declined Rs 450 to Rs 48,600 per kg, while weekly-based delivery slumped Rs 440 to Rs 46,790 per kg.

Silver coins traded lower by Rs 1,000 at Rs 1,00,000 for buying and Rs 1,01,000 for selling of 100 coins.

Updated Date:

also read

Gold price today: 10 grams of 24-carat gold sold at Rs 48,310, silver reaches Rs 62,000 per kg
Business

Gold price today: 10 grams of 24-carat gold sold at Rs 48,310, silver reaches Rs 62,000 per kg

As per the Multi Commodity Exchange data, the value of gold futures rose by 0.05 percent to Rs 47,982 while silver futures witnessed a fall of 0.81 percent, which currently stands at Rs 62.455

Gold price today: 10 grams of 24-carat gold at Rs 48,320; silver touches Rs 62,000 per kg
Business

Gold price today: 10 grams of 24-carat gold at Rs 48,320; silver touches Rs 62,000 per kg

According to updated Multi Commodity Exchange data, the value of gold futures rose by 0.36 percent to Rs 48,134 while silver futures witnessed a rise of 1.05 percent, which stood at Rs 63,624

Gold price today: 10 grams of 24-carat gold reaches Rs 47,950; silver touches at Rs 62,200 per kg
Business

Gold price today: 10 grams of 24-carat gold reaches Rs 47,950; silver touches at Rs 62,200 per kg

In Mumbai and New Delhi, the selling price of 10 grams of 22-carat gold touched Rs 46,950 and Rs 47,010, respectively