Gold Silver Reports (GSR) – Gold had shed ₹50 to ₹33,170 per 10 gram on Tuesday. Bucking the trend, silver prices however today gained ₹20 to ₹39,120 per kg, tracking higher demand from industrial units and coin makers.
Muted domestic demand sent gold prices lower for the second day. Gold rates today fell by ₹110 to ₹33,060 per 10 gram, Press Trust of India reported, citing All India Sarafa Association.
In Delhi, gold of 99.9% and 99.5% purities fell by ₹110 each to ₹33,060 and ₹32,890 per 10 gram, respectively. Sovereign gold, however, remained unchanged at ₹26,400 per piece of eight gram.
Silver ready prices gained ₹20 to ₹39,120 per kg, while weekly-based delivery fell by ₹82 to ₹38,283 per kg. Silver coins, however, remained unchanged at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.
Gold Price Rises as Growth Concerns Dent Risk Appetite
In global markets, gold prices inched up today as lacklustre stock market and falling bond yields lifted safe-haven assets.
Spot gold was up 0.2% at $1,318.26 per ounce.
Global equity markets were mostly flat today. Facing rising threats to growth, the European Central Bank could further delay a planned increase in interest rates if it needs to and may look at measures to mitigate the effects of negative interest rates, ECB President Mario Draghi said today.
Anuj Gupta, DVP for commodities and currencies research at Angel Broking, expects global gold prices to remain supported on the back of lower US bond yields.
Silver MCX Trading Call – Above 37699 Level, Target 38400—39100 – Neal Bhai Reports
“We have noticed that recently after the decision by the Fed’s on the US interest rates, concern towards the inflation and slow global growth, the gold prices are appreciating.”
