Just a day after hitting a record high, gold on Friday fell Rs 140 but still remained above the Rs 38,000-mark at Rs 38,330 per 10 gram on account of easing in demand from jewellers.
Just a day after hitting a record high, gold on Friday fell Rs 140 but still remained above the Rs 38,000-mark at Rs 38,330 per 10 gram on account of easing in demand from jewellers, the analysts said. However, the yellow metal maintained its strength in foreign markets as it sustained above the psychological level of $1,500 an ounce. Silver also fell Rs 290 to Rs 44,010 per kg in Delhi owing to reduced offtake by industrial units, news agency PTI reported.
The investors are parking money into gold amid rise in volatility in the domestic and global equity markets and other global pressures. The gold on Thursday hit an all-time high of Rs 38,470 per 10 gram. The yellow metal had risen by Rs 1,663 in the last two days of trading.The silver ready fell Rs 290 to 44,010 per kg and weekly-based delivery dropped Rs 665 to Rs 43,065 per kg.
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Even as FY20 has remained under pressure so far, gold has given attractive returns to the investors. In the derivatives segment, the gold has scripted record performance. To date in this fiscal year, while gold has given returns of over 21 per cent on MCX, bullion market has given returns to the tune of 19 per cent. The experts are of the view that the gold levels may reach Rs 40,000 going ahead. In the ongoing fiscal year so far, Sensex has given 5.1 per cent return.
Meanwhile, after rallying 480 points during the day, the 30-share Sensex settled 254.55 points or 0.68 per cent higher at 37,581.91. It hit an intra-day high of 37,807.55 and a low of 37,406.26. The broader NSE Nifty jumped 77.20 points or 0.70 per cent to 11,109.65. During the day, it hit a high of 11,181.45 and a low of 11,062.80. Top gainers in the Sensex pack included Maruti, Bajaj Finance, Vedanta, HDFC twins, HUL, Kotak Bank and ICICI Bank.