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A Day After Touching All-time High, Gold Slips by Rs 140, But Remains Above Rs 38,000-mark

The decline in demand from local jewellers at the domestic spot market led to the dip in gold prices though positive trend overseas capped the fall, according to the traders.

PTI

Updated:August 9, 2019, 4:26 PM IST
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A Day After Touching All-time High, Gold Slips by Rs 140, But Remains Above Rs 38,000-mark
Representative image. (REUTERS)
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New Delhi: A day after touching an all-time-high level, gold prices on Friday slipped Rs 140 but traded above the Rs 38,000-mark at Rs 38,330 per 10 gram, on easing in demand from jewellers despite the precious metal gaining overseas and sustaining above the psychological level of USD 1,500 an ounce.

Silver also declined Rs 290 to Rs 44,010 per kg in the national capital due to reduced offtake by industrial units.

The decline in demand from local jewellers at the domestic spot market led to the dip in gold prices though positive trend overseas capped the fall, traders said.

Besides, gain in equity markets drew investors to move towards riskier assets, reducing the precious metal's appeal, they added.

The Sensex on Friday jumped 254.55 points to close at 37,581.91, while the Nifty rose 77.20 pts to 11,109.65.

Globally, spot gold was trading higher at USD 1,504 an ounce in New York amid ongoing trade tensions between US-China and slowing global economic outlook which lifted gold's appeal as safe haven asset. Silver was quoting higher USD 17.12 an ounce.

According to the All India Sarafa Association, in the national capital, gold of 99.9 per cent and 99.5 per cent purity reduced Rs 140 to Rs 38,330 and Rs 38,160 per 10 gram, respectively.

Sovereign gold, however remained steady at Rs 28,500 per eight grams.

On Thursday, the yellow metal had touched an all-time high of Rs 38,470 per 10 gram. In the past two days, gold had risen by Rs 1,663.

Meanwhile, silver ready dropped Rs 290 to 44,010 per kg and weekly-based delivery plunged Rs 665 to Rs 43,065 per kg.

Silver coins were in good demand and traded higher by Rs 1,000 at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

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