Gold drops Rs 161 on weak global trends, tepid demand

Prime News, National and International, Business, New Delhi, December 2:- Gold fell by Rs 161 to Rs 38,718 per 10 gram in the national capital on Monday on selling in international market and weak demand, according to HDFC Securities.

On Saturday, the precious metal had closed at Rs 38,879 per 10 gram.

“Spot gold for 24 Karat in Delhi fell by Rs 161 with overall selling in international prices. The weak spot demand at physical market also pressured gold prices to trade lower,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Silver prices also declined Rs 425 to Rs 45,730 per kg from Rs 46,155 per kg in the previous trade.

In the international market, both gold and silver were trading lower at USD 1,456 per ounce and USD 16.84 per ounce, respectively.

Globally, “gold prices traded lower after positive manufacturing PMI data from China and stronger dollar,” Patel added. (Inputs: Agencies, NGB)

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