Monday, 29 August 2016

Today Commodity Market News ; Gold Inches Down on Steady Dollar

Gold edged lower early on Monday as the dollar strengthened after hawkish comments from Federal Reserve Chair Janet Yellen left the door open for a US interest hike as early as next month.For more Latest Live Indian Commodity Market News and free bullion trading tips just click here www.marketmagnify.com/freetrial.php or give a One Missed Call @7879881122.

Gold prices stayed soft as it fell by Rs 50 to Rs 31,200 per 10 grams today, reflecting a weak trend overseas amid muted demand from jewellers in the domestic spot market. Silver also dropped Rs 300 to Rs 44,400 per kg on reduced off take by industrial units and coin makers.

Silver also dropped Rs 300 to Rs 44,400 per kg on reduced off take by industrial units and coin makers.Globally, gold lost 0.4 percent to USD 1,316.09 an ounce, the lowest since July 27 in Singapore. Besides, sluggish demand from jewellers and retailers at the domestic spot market weighed, they said. In the national capital, gold of 99.9 percent and 99.5 percent purity declined Rs 50 each to Rs 31,200 and Rs 31,050 per 10 grams, respectively. The precious metal had gained Rs 100 in Saturday's trade.

Following gold, silver ready drifted lower by Rs 300 to Rs 44,400 per kg and weekly-based delivery by Rs 205 to Rs 43,770 per kg. Silver coins, however, remained flat at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. Gold is highly-sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.

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