Friday, 12 August 2016

Friday Commodity Market ; Asia Gold-Elevated Prices Curb Demand in India

Gold remained weak for the second day by losing Rs 75 to Rs 31,050 per 10 grams at the bullion market today largely in line with a weakening global trend amid sluggish demand from jewellers at domestic spot market. For more Latest Live Indian Commodity Market News and free bullion trading tips just click here or give a One Missed Call @7879881122.

Silver followed suit and lost Rs 100 to Rs 46,850 per kg. Traders said sentiment remained bearish on the back of a weakening global trend where gold declined as speculation that central banks will remain supportive of growth underpins gains in global equities, curbing demand for a haven. Globally, gold fell 0.04 percent to USD 1,337.70 an ounce in Singapore.

Furthermore, easing demand from jewellers as well as retailers at the domestic spot market fuelled the downtrend, they said. In the national capital, gold of 99.9 percent and 99.5 percent purity declined by Rs 75 each to Rs 31,050 and Rs 30,900 per 10 grams, respectively. The precious metals had lost Rs 155 in yesterday's trade. 

Sovereign, however, remained steady at Rs 24,300 per piece of eight grams. Following gold, silver ready traded lower by Rs 100 to Rs 46,850 per kg and weekly-based delivery by Rs 275 to Rs 46,555 per kg. Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Physical gold demand in Asia was muted this week as higher prices turned off buyers, with discounts in India widening ahead of a festive season that could spur appetite in the world’s second largest consumer. Gold, often perceived as a hedge against financial uncertainties, has risen about 26 percent this year to trade at $1,339 an ounce on Friday.

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