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Gold Price At Rs 38,410 Per 10 Grams In Delhi, Details Here
19 Nov 2019, 02:05 PM IST
- Globally, gold rates were held steady on Tuesday after hitting its highest in over one-and-a-half weeks, propped up by doubts about a trade deal between the United States and China.
- Spot gold was last seen little changed at $1,470 per ounce.
- It had hit the highest level since November 7 at $1,475.40.
- Asian share markets were mixed awaiting clearer news on the progress of the trade negotiations left investors bereft of trading motivation.
- In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said earlier this month, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal.
- Two-thirds of gold demand comes from rural areas, where jewellery is a traditional store of wealth.
- Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, the lowest since 2016, said Somasundaram PR, the managing director of WGC's operations.
- In a report, the WGC said gold consumption in the quarter ended September slumped by nearly a third from a year ago to 123.9 tonnes.
- In September, local gold futures hit an all-time high of Rs 39,885 ($563.85) per 10 grams.
- A spike in domestic gold prices and a hike in the import duty slashed demand during the July-September, the WGC said.
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