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Gold prices on retreat, lose Rs250 after dollar clout grows

LiveMint logoLiveMint 08-07-2017 PTI

New Delhi: Gold prices on Saturday followed the global trend by sliding Rs250 to Rs28,900 per 10 grams as a strong dollar dented the precious metal’s demand amid a dwindling interest from local jewellers.

Gold as a safe haven instrument lost its appeal globally after investors and speculators switched positions in favour of the US currency.

Besides, a fall in demand from local jewellers pushed down the metal prices even more.

Globally, gold fell by 1.04% to $1,212.20 an ounce and silver by 2.84% to $15.57 in New York yesterday.

In the national capital, gold of 99.9% and 99.5% purity slumped by Rs250 each to Rs28,900 and Rs28,750 per 10 grams, respectively. It had gained Rs220 yesterday. Sovereign, however, remained unchanged at Rs24,400 per piece of eight grams.

Following gold, silver ready dropped by Rs800 to Rs37,400 per kg and weekly-based delivery by Rs920 to Rs36,230 per kg. Silver coins too plunged by Rs1,000 to Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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