Dip in demand eased off Gold Prices by Rs. 500

Dip in demand eased off Gold Prices by Rs. 500

Agency News

As the demand for Gold eased off a bit, the red hot prices of Gold have fallen by Rs.500 on Friday.

After crossing record Rs. 40,000-mark, gold price on Friday declined Rs. 500 to Rs. 39,720 per 10 gram in Delhi. The reason was said to be the positive developments in US-China trade talks which reduced 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 mainly led to a decline in gold prices, traders said. 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 dollar. 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.

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.