Gold Prices Fall For Second Straight Day: 5 Things To Know

14 Aug 2018, 04:26 PM IST

Gold prices eased by Rs 30 to Rs 30,630 per 10 gram, driven by a subdued global trend.

Gold eased by Rs 30 to Rs 30,630 per 10 gram, driven by a subdued global trend amid tepid demand from local jewellers, stated news agency Press Trust of India.
"Safe haven buying did not help gold at all as the metal fell to 17-month lows yesterday, following strength in US Treasuries and a stronger dollar as investors eyed a financial market rout triggered by a crashing Turkish lira. Today even as the domestic currency recovered from all-time low, prices of the yellow metal stayed weak," Jigar Trivedi, Fundamental Research Analyst - Anand Rathi Commodities. Furthermore, sluggish demand from local jewellers and retailers at domestic spot market fuelled the downtrend in gold rates, said market men.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 30 each to Rs 30,630 and Rs 30,480 per 10 gram, respectively. The precious metal had lost Rs 40 in Monday's trade.
Silver ready dropped by Rs 335 to Rs 38,715 per kg and weekly-based delivery by Rs 310 to Rs 37,740 per kg. On the other hand, silver coins held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
In global markets, spot gold was up 0.2 per cent at $1,195.77 an ounce, as of 0341 GMT (9:11 am IST). US gold futures were up 0.3 per cent at $1,202 per ounce. (With agencies inputs)