For Quick Alerts
For Daily Alerts

Gold Extends Weakness On Global Cues, Low Demand


Continuing its losing streak for a third straight session, gold prices plunged by Rs 260 on Thursday to Rs 26,415 per ten grams at the bullion market, tracking a weak global trend amid low demand by jewellers and retailers.

Check gold rates in India

Silver also declined by Rs 80 to Rs 35,250 per kg due to reduced offtake by industrial units and coin makers.

Gold Extends Weakness On Global Cues, Low Demand

Bullion merchants said a weak trend overseas where gold declined to more than four weeks as jobs data in the US pointed to a possible interest rate hike this month and on signs that India may slow imports.

Meanwhile, bullion traders have welcomed the government's approval of Gold Monetisation scheme saying it will give a boost to the industry that will help them in getting more gold from the domestic market and reduce dependency on imports.

"Government's gold scheme is a positive step that will help in containing large-scale imports, curb country's current account deficit and help the economy," All India Sarafa Association Vice-President Surinder Kumar Jain said.

The Cabinet on Wednesday had approved Gold Bond and Gold Monetisation schemes to reduce the metal's demand in physical form and fish out idle gold lying with households and other entities.

Globally, gold fell 0.4 per cent to USD 1,103.97 an ounce in Singapore.

Besides, subdued demand from jewellers and retailers at domestic spot market dampened sentiment, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity dropped by Rs 260 each to Rs 26,415 and Rs 26,265 per 10 grams, respectively. The precious metal had lost Rs 165 in the previous two days.

Sovereign also weakened by Rs 200 to Rs 22,000 apiece of eight grams.

In a similar fashion, silver ready declined by Rs 80 to Rs 35,250 per kg and weekly-based delivery by Rs 340 to Rs 35,460 per kg.


However, silver coins continued to be traded at last level of Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.


Read more about: gold silver dollar
Story first published: Thursday, September 10, 2015, 16:08 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more