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Gold remains subdued on muted demand; silver recovers

Press Trust of India  |  New Delhi 

Gold remained weak for the second straight day as the price fell by Rs 20 to Rs 31,540 per 10 gram at the bullion market Thursday on tepid demand from local jewellers amid appreciating rupee, ignoring a firm trend overseas.

On the other hand, silver recovered by Rs 60 to Rs 37,160 per kg on scattered enquiries from industrial units amid better global cues.

Traders said muted demand from local jewellers as well as retailers largely dragged down gold prices, but a firm trend overseas capped the fall.

The appreciating rupee, making imports cheaper, also weighed on gold prices, they added.

The rupee jumped 74 paise to breach the 70 per dollar mark and touched 69.88, a three-month high level, in intra-day trade in the forex market Thursday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 20 each to Rs 31,540 and Rs 31,390 per 10 gram, respectively. The had lost Rs 290 Wednesday.

Sovereign gold, however, held steady at Rs 24,700 per piece of 8 gram.

Globally, gold rose 0.36 per cent to USD 1,225.10 an ounce, while silver edged up 0.32 per cent to USD 14.33 an ounce, in as the dollar faltered following dovish comments from Jerome Powell, calming investor concerns over the pace of rate hikes, capped the fall in gold.

On the other hand, silver ready recovered by 60 to Rs 37,160 per kg and while weekly-based delivery by Rs 82 to Rs 35,864 per kg.

Silver coins, however, ruled flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 14:55 IST