Gold loses shine: Yellow metal plunges for third day in row on weak demand; check rates in Delhi

By: | Published: November 21, 2018 3:13 PM

The gold prices plunged by Rs 50 to Rs 31,950 per 10 gram on Wednesday, dropping for the third consecutive day, amid weak global demand.

gold, gold market, portfolio diversification tool, gold pricesThe sentiment is bearish on the back of weak global trend as strength in dollar eased demand for gold as bet against volatility in stocks, trader ssaid.

The gold prices plunged by Rs 50 to Rs 31,950 per 10 gram on Wednesday, dropping for the third consecutive day, amid weak global demand. In the last two days, the yellow metal has lost Rs 150. Similarly, silver too plunged by Rs 100 to Rs 37,800 per kg at the bullion market today. Globally, gold lost 0.05 percent to $1,221.50 an ounce, while silver held strong at $14.40 an ounce in Singapore.

The sentiment is bearish on the back of weak global trend as strength in dollar eased demand for gold as bet against volatility in stocks, traders told PTI.

Besides, the pressure on the gold prices remained leading to fall in demand from jewellers as well as retailers at domestic spot market. In the national capital Delhi, gold of 99.9 percent and 99.5 percent purity declined by Rs 50 each to Rs 31,950 and Rs 31,800 per 10 gram respectively.

Also read: Changing hands! Gold worth $37 billion traded in London each day, new data show

Meanwhile, the BSE Sensex, which dropped over 350 points to a low of 35,112.49 points today, trimmed some losses during the mid-afternoon trade session as banking, auto, pharma and realty stocks gained. The NSE Nifty reclaimed the psychologically important 10,600-mark. Heavy selling pressure was observed in most blue-chip stocks like Infosys, TCS, Wipro, Reliance Industries, Tata Steel, IndusInd Bank, and Larsen and Toubro, among others. Banks and currency markets are shut today on account of Id-e-Milad.

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