Losses deepen for gold price, silver as global cues turn weaker

Mumbai-India (Aug 8)  Gold prices inched further lower by Rs 30 to Rs 30,900 per 10 grams, picking weak overseas signal amid subdued demand from jewellers in the domestic spot market.

Silver was also in a tight spot, easing another Rs 50 to Rs 46,250 per kg.

Sentiment remained downbeat, in sync with a weakening global trend where gold dropped to the lowest level in a week after Friday’s strong US jobs report, raising bets that the Fed may raise borrowing rates this year which sapped demand for the safe haven, traders said.

Globally, gold fell 0.3 per cent to $ 1,331.59 an ounce, the lowest level since July 29, in Singapore.

Besides, tepid demand from jewellers as well as retailers at the domestic spot market fuelled the downtrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity eased Rs 30 each to Rs 30,900 and Rs 30,750 per 10 grams, respectively. The precious metals had lost Rs 170 in Saturday’s trade.

Sovereign, however, remained steady at Rs 24,200 per piece of eight grams.

Tracking gold, silver traded lower by Rs 50 to Rs 46,250 per kg and weekly—based delivery cracked below Rs 46,000 mark by falling Rs 290 to Rs 45,935 per kg.

Silver coins, however, ruled steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces

Source: TheHindu