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Gold falls to Rs 30,135 as demand for safe haven fades

Date 07-Nov-2017
Subject Gold falls to Rs 30,135 as demand for safe haven fades

Gold prices fell Rs. 115 to Rs. 30,135 per 10 grams due to strengthening of dollar against other currencies overseas and tepid demand from local jewellers. The fall was in line with a weak trend overseas as the dollar's strength dented demand for the precious metal as a safe haven.

Silver too lost sheen, losing Rs. 450 to Rs. 40,050 per kg, due to reduced offtake by industrial units and coin makers.

The dollar firmed up after upbeat US economic data bolstered the prospects for further interest rate hike by the Federal Reserve and diminished the appeal for the precious metal.

Globally, gold fell 0.03 per cent to $1,269 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity came down by Rs. 115 each to Rs.30,135 and Rs. 29,985 per 10 grams, respectively. Sovereign, however, remained unchanged at Rs. 24,700 per piece of eight grams in sparse deals.

Following gold, silver ready dropped by Rs. 450 to Rs. 40,050 per kg and weekly-based delivery by Rs. 490 toRs. 39,135 per kg. Silver coins too plunged by Rs. 1,000 to Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.

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