E-Paper

UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Dubai World Cup

lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Gold at 4-month low, tumbles Dh 25 on weak global cues

 

Embracing the bright side: A guide on how to cultivate optimism

The power of solitude: Why you should go on a solo trip

How to get your kids to read: Essential tips for parents
Gold at 4-month low, tumbles Dh 25 on weak global cues

New Delhi - Gold prices on Tuesday plunged by Rs 450 (Dh 25) to trade at almost four-month low of Rs 25,700 (Dh 1429.49) per 10 grams at the bullion market, tracking a weak global trend amid subdued demand from jewellers and retailers.

By PTI

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Tue 17 Nov 2015, 2:24 PM

Last updated: Tue 17 Nov 2015, 4:34 PM

Silver also fell sharply by Rs 500 to Rs 34,100 per kg (Dh 1896.72) on reduced offtake by industrial users and coin makers. 
Apart from slackened demand from jewellers and retailers, a weak global trend where gold traded near the lowest level in over five years on expectations that the US Federal Reserve will soon hike interest rates, has cut demand for the precious metal as a safe-haven, leading to fall in prices. 
Gold in Singapore, which normally determines price trend on the domestic front, dropped by 0.4 per cent, to $1,078.07 an ounce on Tuesday, while it ended 0.17 per cent down at $1,082.10 an ounce in New York in Monday's trade. 
In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 450 each to Rs 25,700 and Rs 25,550 per 10 grams, respectively, a level last seen on July 20. It had gained Rs 235 in Monday's trade. 
Sovereign, however, continued to be asked at previous level of Rs 22,200 (Dh 1234.81) per piece of eight grams. 
In tune with gold, silver ready fell by Rs 500 to Rs 34,100 per kg and weekly-based delivery by Rs 620 to Rs 33,640 (Dh 1871.13) per kg. 
Meanwhile, silver coins remained flat at Rs 48,000 (Dh 2669.87) for buying and Rs 49,000 (Dh 2725.49) for selling of 100 pieces.
Also see: Today's gold rate in UAE


More news from