Gold Silver Reports (GSR) – Gold prices moved down by ₹ 55 to ₹ 31,595 per 10 grams on Tuesday, due to sluggish trend overseas amid slowing demand from local jewellers, reported PTI. Globally, gold prices hit its lowest in more than six months as a sell-off in global risk assets eased. Moreover, the metal remained under pressure from the prospect that rising US interest rates will further support the US dollar.
In Delhi, gold of 99.9% and 99.5% purity lost ₹ 55 each to ₹ 31,595 and ₹ 31,445 per 10 grams, respectively. The precious metal had gained Rs 50 on Monday.
Spot gold was down 0.6% at $1,256.45 an ounce, having hit its weakest since mid-December. US gold futures for August delivery were 0.8% lower at $1,258.40 per ounce.
Silver prices, on the other hand, reclaimed the ₹ 41,000-mark by rising ₹ 100 per kg on scattered support from industrial units and coin makers, added the report.
European stocks edged up, easing pressure in global equity markets after the latest escalation in an increasingly global trade fight pummelled US stocks and Chinese markets. The US dollar strengthened on growing concerns about an intensifying trade conflict.
The Indian rupee weakened against the US dollar on Tuesday, amid global policy uncertainties and sell-off in global equities. The rupee opened at 68.14 a dollar and touched a high and a low of 68.08 and 68.22, respectively.
