Gold price falls ₹40 on global cues, muted demand

New Delhi-India (July 8)  Gold prices went down by ₹40 to ₹31,650 per 10 grams in Delhi bullion market on Saturday, driven by a weak trend overseas amid easing demand from local jewellers, reported PTI.

Marketmen said besides weak global cues, a fall in demand from local jewellers and retailers at existing levels in the domestic spot market, mainly weighed on the gold prices, the agency reported.

Globally, gold fell 0.22% to $1,254.50 an ounce and silver by 0.12% to $16.01 an ounce in New York yesterday.

In the national capital, gold of 99.9% and 99.5% purity fell by ₹40 each to ₹31,650 and ₹31,500 per 10 grams, respectively. The precious metal had gained ₹330 in the previous three days. Sovereign, however, remained flat at ₹24,800 per piece of eight grams.

The Indian rupee trimmed early losses and traded little changed against US dollar on Friday as US tariffs on Chinese imports took effect. The currency opened at 68.90 and touched a high of 68.82 and a low of 69.03 a dollar. So far this year, the rupee has weakened 7.30%, while foreign investors have sold $585.40 million and $6.10 billion in equity and debt markets, respectively.

On the other hand, silver ready was unchanged at ₹40,500 per kg, while weekly-based delivery declined by ₹90 to ₹39,790 per kg. Silver coins, however, continued to be enquired at last levels of ₹75,000 for buying and ₹76,000 for selling of 100 pieces.

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