Gold falls on low demand from jewellers; check rates in Delhi

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Published: December 15, 2018 4:18:02 PM

Amid weak demand from domestic jewellers, the prices of gold fell by Rs 30 to Rs 32,190 per 10 gram at Delhi’s bullion market.

New gold standard, gold, yellow metal, Palladium, BMO Capital Markets, Metals Focus LtdAmid weak demand from domestic jewellers, the prices of gold fell by Rs 30 to Rs 32,190 per 10 gram at Delhi’s bullion market.

Amid weak demand from domestic jewellers, the prices of gold fell by Rs 30 to Rs 32,190 per 10 gram at Delhi’s bullion market. Similarly, rates of silver also plunged by Rs 200 to Rs 38,400 per kg on weak demand from industrial units, news agency PTI reported.

The gold of 99.9 per cent and 99.5 per cent purities fell by Rs 30 to Rs 32,190 and Rs 32,040 per 10 gram, respectively. Due to weak demand in the wedding season, prices of gold have dipped, traders told PTI.

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The silver ready fell by Rs 200 to Rs 38,400 per kg, while weekly-based delivery plunged by Rs 76 to Rs 38,054 per kg.

Meanwhile, last month, the government had said that it would soon bring out an integrated gold policy and set up a domestic gold council to promote growth in the sector, Commerce Minister Suresh Prabhu had said.

Prabhu had also said the government is looking at the industry’s demand for cutting import duty on gold to four per cent from the current 10 per cent. “This is one of the important issues for the industry that is export-oriented. If you have import duties, the working capital gets blocked up. So, we are already working on that.

“At the same time, the Finance Ministry has a responsibility to curtail the CAD (current account deficit), therefore, they are also trying to find out how we can keep the imports under control. So, we have to balance both together,” the Minister had said.

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