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Home / News / Business News / Gold prices continue to drop despite positive global cues
Business

Gold prices continue to drop despite positive global cues

Gold prices continue to drop despite positive global cues
Written by Pallabi C Samal
Feb 14, 2019, 06:57 pm 1 min read
Gold prices continue to drop despite positive global cues

Downward movement of gold continued for the fourth straight day as prices dropped by Rs. 50 to Rs. 34,000 per 10 grams at the bullion market today owing to slackened demand from local jewelers, despite positive global cues. Similarly, silver shed Rs. 150 to Rs. 40,650 per kg owing to reduced offtake by industrial units and coin makers. Globally, gold was trading 0.18% higher.

Loss
Gold has lost Rs. 230 in the previous three days

Globally, gold stood at $1,309.20 an ounce and silver traded higher by 0.52% to $15.71 an ounce in New York. In the national capital, gold of 99.9% and 99.5% purities drifted lower by Rs. 50 each to Rs. 34,000 and Rs. 33,850 per 10 grams, respectively. The precious metal had lost Rs. 230 in the previous three days.

Details
Rs. 80,000: Rate at which silver-coins being traded for buying

Sovereign gold also weakened by Rs. 100 to Rs. 26,000 per piece of eight grams. Tracking gold, silver ready declined by Rs. 150 to Rs. 40,650 per kg, while weekly-based delivery fell by Rs. 134 to Rs. 39,490 per kg. On the other hand, silver coins continued to be traded at Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.

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Pallabi C Samal
Pallabi C Samal
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Pallabi C Samal is an entertainment editor at NewsBytes. She has over seven years of experience in journalism and content development. She has previously worked with The Pioneer, The Quint, and Mid-Day on the national desk. She holds a Bachelor’s degree in Biotechnology from Bangalore University and a postgraduate diploma in journalism and mass communication from the Times School of Journalism.
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