Gold prices suffer big fall of Rs 149, silver prices also tumble

Gold prices suffer big fall of Rs 149, silver prices also tumble

FPJ Web DeskUpdated: Saturday, November 16, 2019, 12:31 PM IST
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On Friday, gold prices fell Rs 149 to Rs 38,875 per 10 gram in the national capital on the back of weak global cues.

According to Live Mint, on MCX, gold prices were down 0.7% to Rs 37,997 per 10 gram, snapping a three-day rising streak. Silver contracts on MCX also fell 1% to Rs 44,267 on MCX. After Fiday's correction, gold prices in India are down about Rs 2,000 per 10 grams from September highs of about Rs 40,000 per 10 gram, tracking a significant decline in global prices.

Silver prices also shed Rs 473 to Rs 45,375 per kg from Rs 45,848 per kg in the previous session. In the international market, gold was trading at USD 1,466 an ounce and Silver at USD 16.86 per ounce in New York. In spot markets, prices of 24 karat gold fell Rs 149 to Rs 38,875 per 10 gram in Delhi while silver prices shed Rs 473 to Rs 45,375 per kg.

Prices in the global market fell after the White House Economic Advisor Larry Kudlow said the US was getting close to a trade agreement with China, Patel said. This development led to recovery in equity indices and kept the yellow metal prices subdued.

Increased global economic confidence might lead to decline in gold's demand as safe haven due to a likely trade deal between the US and China, Hareesh V- Head Commodity Research at Geojit Financial services - said.

"Hopes of an immediate trade deal and a bunch of recent positive economic releases eased apprehensions of further economic slowdown and boosted the market optimism. Increased global economic confidence may reduce gold's safe haven demand gradually. However, growing geopolitical tensions are likely to offer lower level support to prices. On the domestic side, a weak rupee would limit major selloffs in the counter," he said.

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