Weak Global Cues Pull Gold Prices: 5 Things To Know

20 Apr 2018, 07:16 PM IST

Gold price: Globally, spot gold was down 0.3% at $1,340.66 an ounce by 1157 GMT.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved down by Rs 240 each to Rs 32,390 and Rs 32,240 per 10 grams, respectively. The precious metal had gained Rs 630 in the previous three days, according to a report by news agency Press Trust of India (PTI).
Following gold, silver ready fell by Rs 180 to Rs 41,300 per kg and weekly-based delivery shed Rs 130 to Rs 40,320 per kg.
"Geopolitical tensions were at a high a week before but since last 3-4 days, they have started fading which made the yellow metal trade on a downside. The high volume buying in physical market has taken a halt for a short period as 'Akshay Tritiya' has ended. However, there is long wedding season ahead which will help gold prices recover from this temporary dry run," said Gaurav Katariya, Research Head- Commodities - Arihant Capital Markets Ltd. (Also Read: Sensex Ends Lower; TCS Shares Surge 7% On Positive Q4 Results)
In the country's financial capital, Mumbai, gold recovered marginally on mild demand from stockists and retailers. Standard gold (99.5 purity) rose by Rs 60 to close at Rs 31,315 per 10 grams from Thursday's finish of Rs 31,255.
In the international market, spot gold was down 0.3 per cent at $1,340.66 an ounce by 1157 GMT, while US gold futures fell 0.5 per cent to $1,342.30 per ounce, stated a report by news agency Reuters. (With agency inputs)