Gold price falls ₹150 to ₹38,905 per 10 gm on weak demand

New Delhi-India (Sept 17)  Gold prices declined by ₹150 to ₹38,905 per 10 gram in the bullion market here on Tuesday due to weak demand, according to HDFC Securities.

Likewise, silver also fell ₹290 to ₹48,028 per kilogram from Monday’s closing price of ₹48,318 per kilogram, it said.

HDFC Securities senior analyst (commodities) Tapan Patel said gold prices for 24 Karat in Delhi was trading down by ₹150 due to weak spot demand despite fall in rupee.

On Monday, gold prices closed at ₹39,055 per 10 gram in the national capital.

In the international market, gold was trading lower at $1,497 an ounce in New York and silver was also quoting down at $17.81 per ounce.

“International gold prices pared previous gains after rallying on geopolitical risk. Gold prices have maintained the narrow trading range awaiting development from U.S.-China trade talks and U.S. FOMC rate decision,” he added.

Meanwhile, the rupee fell 28 paise to 71.88 against the U.S. dollar in early trade on Tuesday.

TheHindu