Fall in Gold Prices due to Weak Global Cues
On Monday, 11 February 2019, The price of Gold declined at the bullion market by Rupees 55 to Rupees 34,225 per ten grams. The precious metal experienced a weak trend globally and also decreased demand from the local jewellers, quoted by All India Sarafa Association. Moreover, Silver also followed the decrement and showed a decline by Rupees 150 to Rupees 41.100 per kg. Gold Traders attributed the decrement in the prices of gold to a weak trend overseas and easing demand from the domestic jewellers.
Key Points About Prices of Gold and Silver:
- In the capital state, Delhi, Gold of the purity between 99.9 per% and 99.5% quality decreased by Rupees 55 each to Rupees 34,225 per ten grams and Rupees 34,075 per ten grams respectively.
- However, Sovereign Gold remained at Rupees 26,100 per piece of eight grams.
- US gold fortunes decreased by 0.3% to $1,314.90 per ounce. While in intraday trade, Spot gold declined by 0.2 percent to $1,314.90 per ounce.
- Reuters reported that Gold prices eased globally on Monday because the uncertainties around US-China Trade Tensions made the dollar buoyant. Further making the investors worried about the slowdown in the global economic growth of this safe-haven metal.
- Following Gold, Silver also decreased by Rupees 150 to Rupees 41,100 per kg and weekly-based delivery by Rupees 118 to Rupees 39,987 per kg. Although, Silver coins resumed to be traded at Rupees 80,000 for buying and Rupees 81,000 for selling of 100 pieces.