For the ninth day, gold prices have declined by Rs 70 in the national capital today. The current price of 10-gram gold is Rs 28,030. On the other hand, silver has held stable at 42,600 per kilogram on scattered inquiries from industrial units.
According to traders, a weakening global trend has caused sustained selling by stockists where gold has fallen towards a two-month low as investors assess whether the economy of the United States is strong enough for the Federal Reserve to lift the rates, reserved pressure on the prices of gold.
The lethargic demand from vendors and Jeweller has strengthened Indian rupee against the US dollar that has made imports cheaper.
After falling about 2% the previous week, gold has involved buying from Asian jewelers in a limited amount, which took the investors to stay on the sidelines. Even though the recent problem, gold has risen up more than 6% this year.
Gold of 99.5 and 99.9% purity has declined to Rs 70 each to Rs 27,830 and28, 030 per 10 grams.
In the previous eight seasons, gold has lost about Rs 720.
The prices of gold had fallen 0.19% to $1,278.34/oz by 3.33am GMT that are closer to a two-month low of $1,273.06 hit earlier week.
Lee Cheong Gold Dealers chief dealer Ronald Leung said, “Sentiment wise, I would call it negative. Every time it can’t hold above $1,300, there’s some disappointment”.
On scattered buying support, per piece of eight grams of sovereign has remained steady at Rs 24,600.
Silver has held stable at Rs 42,600 per kg. A hundred pieces of silver coins have continued to be traded at last level of Rs 74,000 for buying and Rs 75,000 for selling.