Gold slips from 6-year high on weak global cues

NEW DELHI: Breaking its six-straight weeks of positive factors, gold slipped from near six-year highs with prices falling by means of Rs 580 to end at Rs 32,070 per 10 grams at the bullion marketplace all through the week owing to fall in call for from jewellers and shops amid a weak trend out of the country.

Marketmen mentioned excluding absence of festive season call for from home jewellers and shops, a weak trend in gold markets as the dollar firmed after the United States Federal Reserve kept interest rates steady with a fourth hike for this yr anticipated subsequent month, diminishing the appeal of gold as protected haven, mainly dampened the sentiment.

Market was shut on Thursday on account of 'Goverdhan Pooja'.

Globally, gold slipped to $1,210.40, lowest in every week and silver at $14.25 an oz. as in opposition to earlier week's ultimate of $1,233.20 and $14.82 an oz..

In the nationwide capital gold of 99.nine and 99.five per cent purity commenced the week on a better word at Rs 32,690 and Rs 32,540 per 10 grams, respectively on increased purchasing by means of jewellers and shops at the auspicious occasion of 'Dhanteras' and 'Diwali' pageant.


Later, gold of 99.nine and 99.five per cent purity slipped gradually to end the week lower by means of Rs 580 each and every to Rs 32,070 and Rs 31,920 per 10 grams, respectively.


In line with gold, sovereign too fell by means of Rs 200 to Rs 24,700 piece of 8 grams.


Tracking gold, silver able and weekly-based supply remained beneath power for the easier a part of the week and ended lower by means of Rs 1,530 and Rs 1,940 to Rs 38,000 and Rs 36,880 per kg respectively.


Silver cash too plunged by means of Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for promoting of 100 pieces.
Gold slips from 6-year high on weak global cues Gold slips from 6-year high on weak global cues Reviewed by kailash soni on November 10, 2018 Rating: 5
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