Gold prices break 3-day rising spell, fall Rs 150 on weak global cues, fading demand

By: | Published: November 2, 2018 3:06 PM

Breaking its three-day rising spell, gold price dropped to Rs 32,630 per 10 grams, losing Rs 150 amid weak global cues and muted demand from the local jewellers.

WGC, Gold demand in India, world gold councile, Gold Demand Trends, Gold Prices in IndiaThe sentiment turned a little weak in line with weak trend overseas, PTI reported citing bullion traders. (Reuters)

Breaking its three-day rising spell, gold price dropped to Rs 32,630 per 10 grams, losing Rs 150 amid weak global cues and muted demand from the local jewellers. However, silver recovered by Rs 310 to Rs Rs 39,500 per kg supported by increased offtake by coin makers. The sentiment turned a little weak in line with weak trend overseas, PTI reported citing bullion traders.

In Singapore, yellow metal plunged by by 0.03 percent to $1,233.50 an ounce and silver by 0.03 per cent to $14.82 an ounce. The gold of 99.9 and 99.5 percent purity fell by Rs 150 each to Rs 32,630 and Rs 32,480 per 10 grams, respectively. In the last three days, gold surged Rs 230.

Also read: Share market LIVE updates: Sensex zooms 600 points to above 35,000, Nifty past 10,550; Maruti Suzuki up 5%

The silver ready regained by Rs 310 to Rs 39,500 per kg and weekly-based delivery by Rs 418 to Rs 38,546 per kg, PTI reported.

Meanwhile, a couple of days back, gold prices climbed to nearly six-year high of Rs 32,650 per 10 gram, up by Rs 30. Nevertheless, silver remained weak, plunging by Rs 40 to Rs 39,200 per kg in wake of weak demand by industrial units. The gold prices stood at $1,217.84 an ounce in New York during that date.

Meanwhile, the domestic stock markets extended their strong rally, as the 30-share Sensex claimed over 600 points supported by a strong rally in financial and auto stocks. Sensex zoomed more than 600 points to regain the 35,000 mark, while the broader Nifty 50 gained past the psychological 10,550 mark.

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