New Document top_band
 
Business Standard

Gold premium falls amid weaker demand

Premiums had fallen to $60-70 per ounce in the morning on Wednesday

Read more on:    Gold | Premium | Demand | Local Market
Related News

The on in the spot market fell on Wednesday to $80 an ounce from $120-$150 in the past couple of weeks. As prices hit Rs 32,000 per 10g in the domestic market, those holding unofficially obtained imported gold were said to have sold it. That brought down the premium as more gold became available in the market. Some reports of the government planning to liberalise import of the metal added pressure.

Premiums had fallen to $60-70 per ounce in the morning on Wednesday and settled at $80 per ounce (around Rs 1,600 per 10g) over the landed cost of imports in the Mumbai market. Last week, the premium on gold hit an all-time high of $150 per ounce. Owing to the premium being at an all-time high, the domestic for gold took a hit last week. That was why premiums started falling. Gold prices in the Mumbai spot market had closed lower at Rs 31,100 per 10g against Rs 31,945 on Monday.

"Due to weak demand for gold in the domestic market, premiums have fallen to $60-70 per ounce. Gold jewellery demand is very low at the moment, due to which prices have corrected in the Mumbai spot market," said Suresh Hundiya, a Mumbai-based bullion trader.

Read more on:   
|
|
|

Read More

Silver futures up 0.1% on global cues

Silver prices rose by 0.14% to Rs 50,968 per kg in futures trade today largely in tune with a rising trend in precious metals overseas amid covering ...

Quick Links

 

Market News

Ranbaxy inks pact with Cipher; stock hits 52-week high

Sun Pharma also rallied by nearly 3% to Rs 769, its new high on National Stock Exchange.

Bayer Cropscience hits record high on strong Q1 results

The stock soared 13% to Rs 2,064 on NSE after reporting 24% yoy jump in net profit at Rs 109 crore for the quarter ended June 2014.

Wipro dips 8% post Q1 results

Q1 operating margins of IT services at 22.8%, impacted due to wage hikes.

Markets open flat; Wipro down 4%

Sensex was lower by 8 points at 26,264 mark and the Nifty declined by 5 points at 7,826 levels.

SKS Microfinance surges on ten-fold jump in Q1 profit

Q1 net profit at Rs 49 crore against Rs 5 crore in the corresponding quarter of previous year.

Back to Top