Gold price losses mount, silver dips below ₹ 38,000 per kg

Mumbai-India (Dec 8)  Gold prices suffered more losses by falling ₹ 200 to trade at ₹ 29,750 per 10 grams , mirroring a weak trend overseas amid slack demand from jewellers at the domestic market.

Silver ready dipped below the ₹ 38,000-mark by plunging ₹425 to ₹ 37,700 per kg, due to reduced offtake by industrial units and coin makers.

Traders attributed the fall in the metal’s prices to a weak trend overseas where gold is heading for the biggest weekly drop since May as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar, eroding safe-haven appeal of the precious metal.

Meanwhile, gold for immediate delivery has slumped 2.5 % this week, the most since the five days ended May 5.

Globally, gold fell 1.27 % to $1,247.80 an ounce and silver by 1.41 % to USD 15.70 an ounce in New York on Thursday.

In addition, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on the prices, they said.

In the national capital, gold of 99.9 % and 99.5 % purity fell further by ₹ 200 each to ₹ 29,750 and ₹ 29,600 per 10 grams, respectively. The precious metal had lost ₹300 in the previous two days.

Sovereign, however, remained unchanged at ₹ 24,400 per piece of eight grams in limited deals.

In sync with gold, silver ready dived ₹ 425 to ₹ 37,700 per kg and weekly-based delivery traded lower by ₹ 355 at ₹ 36,980 per kg.

Prices of silver coins, however, held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

TheHindu

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