Finance Update

Reuters: Gold Rate Today: Gold trades lacklustre on muted spot demand

A weak dollar is favourable for gold as the commodity becomes cheaper in other currencies, giving rise to its demand.

ETMarkets.com|

Apr 09, 2019, 11.21 AM IST

Reuters

Silver also looked dull on a fall in demand by industrial units and coin makers.

NEW DELHI: Gold appeared lacklustre in futures trade on Tuesday on muted demand by local jewellers at the spot market.

Meanwhile, in the global markets, gold climbed to a more than one-week high, supported by weakness in the US dollar.

A weak dollar is favourable for gold as the commodity becomes cheaper in other currencies, giving rise to its demand.

However, the overall trend still shows a tough time for the safe-haven metal. Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for a sixth straight session to 760.49 tonnes on Monday, Reuters reported.

Silver also looked dull on a fall in demand by industrial units and coin makers.

The MCX Gold was trading flat at Rs 32,186 per 10 grams while MCX Silver was trading Rs 7 higher at Rs 38,020 a kilo around 10:50 am.

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Prakash Poojary
Business Analyst

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