Gold and Silver Price declined amid low demand in all India Sarafa Association

May 03 2019 10:37 AM
Gold and Silver Price declined amid low demand in all India Sarafa Association

NEW DELHI: On Thursday, Gold price in Delhi declined by about 0.8 per cent in Delhi. Weak demand from jewellers amid weak global cues led to a fall of Rs. 250 per 10 grams in the gold price, the All India Sarafa Association said. Tracking gold price, the rate of silver also declined by Rs. 825 to Rs. 37,700 per kg due to reduced offtake by industrial units and coin makers. Traders said that apart from subdued domestic demand, weak global cues influenced sentiment here thereby resulting in fall in gold prices.

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The Federal Reserve's decision to hold rates also had an impact on gold prices. The Federal Open Market Committee (FOMC) continues to view sustained expansion of economic activity, strong labour market conditions, and inflation near the Committee's symmetric two per cent objective as the most likely outcomes, as per a statement by the Fed. It said  "In light of global economic and financial developments and muted inflation pressures, FOMC will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," .

Globally, spot gold was trading lower at $1,271.50 an ounce, while silver was down at $14.72 an ounce in New York.  In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs. 250 each to Rs. 32,620 and Rs. 32,450 per 10 gram, respectively.  However, sovereign gold remained steady at Rs. 26,400 per eight grams. Silver ready fell by Rs. 825 to Rs. 37,700 per kg and weekly-based delivery reduced by Rs. 699 to Rs. 36,374 per kg. Silver coins, too, faced some pressure and fell by Rs. 2,000 to Rs. 78,000 for buying and Rs. 79,000 for selling of 100 pieces.

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