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Gold prices fall ₹100 on profit-booking, subdued global trend

Gold prices on Monday declined by ₹100 to ₹35,470 per 10 gram at the bullion market here due to profit-booking and subdued trend overseas. Tracking gold, silver also fell by ₹25 to ₹39,175 per kg on reduced offtake by industrial units and coin makers.

In the international market, “spot gold inched lower due to higher profit-booking and better-than-expected Chinese economic releases that moderated concerns over the global economic slowdown and boosted the demand for riskier assets. “However, the overall growth picture of China is still looks bleak with the second quarter GDP (gross domestic product) growth plunging to a 27-year lows is likely to provide the lower level support to the commodity.

Enduring geopolitical tensions in Middle East and US-China trade tensions would be the other positive drivers of gold,” said Hareesh V, head (commodity research), Geojit Financial Services.

Meanwhile, globally, gold was trading flat at USD 1,416.80 an ounce in New York, while silver was up at USD 15.41 per ounce. According to the All India Sarafa Association, in the national capital, gold of 99.9 per cent and 99.5 per cent purity fell ₹100 each to ₹35,470 and ₹35,300 per 10 gram, respectively. Sovereign gold held steady at ₹ 27,400 per eight gram.

On Saturday, the precious metal rose by ₹170 to ₹35,570 per 10 gram and silver surged ₹175 to ₹39,200 per kg. Silver ready Monday declined by ₹25 to ₹39,175 per kg and weekly-based delivery advanced by ₹10 to ₹38,400 per kg. Prices of silver coins held flat at ₹81,000 for buying and ₹82,000 for selling of 100 pieces.

Courtesy - The Hindu Businessline



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