Gold: Gold Rate Today: Gold prices decline on reduced spot demand, weak global trend

The safe-haven metal slipped in global markets on the rise in the US dollar against its peers.

ETMarkets.com | Apr 10, 2019, 11.49 AM IST

Reuters

As per Reuters, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for the seventh consecutive session.

NEW DELHI : Gold prices fell in the futures trade on Wednesday as demand by jewellers at the spot market declined amid weak global sentiment.

The safe-haven metal slipped in global markets on the rise in the US dollar against its peers. A strong dollar means gold price will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.

As per Reuters, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for the seventh consecutive session, dropping about 0.4 per cent to 757.85 tonnes on Tuesday.

Silver prices also cracked on reduced order by industrial units and coin makers.

The MCX Gold was trading at Rs 32,095 per 10 grams, down by Rs 106, while MCX Silver was trading down by Rs 194 at Rs 37,644 a kilo around 10:45 am.

Source

Author: Prakash Poojary

Business Analyst

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