Gold falls to Rs 1,25,900/10 g in Delhi as trade optimism dulls safe haven demand
New Delhi (PTI): Gold prices declined by Rs 700 to Rs 1,25,900 per 10 grams in the national capital on Monday, tracking weak global trends as easing US-China trade tensions dented safe-haven demand.
According to the All India Sarafa Association, the yellow metal had climbed Rs 1,000 to Rs 1,26,600 per 10 grams on Saturday.
Gold of 99.5 per cent purity also fell by Rs 700 to Rs 1,25,300 per 10 grams (inclusive of all taxes). It had settled at Rs 1,26,000 per 10 grams in the previous session.
"Gold resumed trading on a weaker note on Monday as signs of easing US-China trade tensions have increased investors' interest in riskier assets, creating a negative impact on precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
In the local bullion market, silver prices slumped sharply by Rs 4,250 to Rs 1,51,250 per kg (inclusive of all taxes) on Monday. The white metal had ended at Rs 1,55,500 per kg, up by Rs 2,900 on Saturday.
On Sunday, top economic officials from Washington and Beijing agreed on the framework of a potential trade deal, which is expected to be discussed when US President Donald Trump meets his Chinese counterpart, Xi Jinping, in South Korea later this week.
In the overseas markets, spot gold extended the losses for the second straight day, by dropping USD 97.86, or 2.38 per cent to USD 4,015.55 per ounce.
Gandhi said investors continued to take profits and withdraw from gold-backed exchange-traded funds, adding further pressure on the bullion prices.
"We believe bullion will remain under selling pressure in the short term, and the downside will intensify once spot gold slips below the USD 4,000 per ounce level," he noted.
Spot silver was quoted 2.03 per cent lower at USD 47.60 an ounce in overseas markets.
Investors are shifting their focus to central bank meetings later this week.
"The US Federal Reserve is largely anticipated to cut interest rates by 25 basis points after weaker than expected inflation data while the European Central Bank and Bank of Japan are expected to maintain current policy rates," Renisha Chainani, Head - Research at Augmont, said.
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2nd WT20I: Shafali, spin trio do star turns in India''s seven-wicket win
Visakhapatnam (PTI): Shafali Verma hit a blistering unbeaten 69 as India made short work of a paltry target to outclass Sri Lanka by seven wickets in the second Women’s T20 International here on Tuesday.
India now lead the five-match series 2-0 after another one-sided victory, having restricted Sri Lanka to a modest 128 for 9 through a collective display of disciplined bowling from the spin trio of seasoned Sneh Rana, ably complemented by young spinners Vaishnavi Sharma and Shree Charani.
During the chase, vice-captain Smriti Mandhana (14) fell cheaply but Shafali, enjoying new found confidence after a stellar show in the World Cup final, sent the bowlers on a leather-hunt during her 34-ball knock, winning it for her team in just 11.5 overs.
The hosts have now completed back-to-back successful chases within 15 overs which speaks volumes about the unit's sky-high confidence.
Shafali's innings had 11 punchy boundaries apart from a maximum.
The floodgates opened when left-arm spinner Inoka Ranaweera bowled a few flighted deliveries and Shafali would step out everytime to hit her over extra cover. Her footwork against slow bowlers was immaculate whether stepping out to loft the ball or rocking back to punch or pull.
Seeing her confidence, the newly appointed Delhi Capitals skipper Jemimah Rodrigues (26 off 15 balls) also attacked as the duo added 58 runs in just 4.3 overs.
By the time Rodrigues was out trying to hit one six too many, the match as a contest was over. Shafali completed her half-century off just 27 balls and completed the formalities in a jiffy.
Earlier, off-spinner Rana, who got a look-in after Deepti Sharma was ruled out due to fever, showed her utility keeping the Lankan batters under tight leash with figures of 1 for 11 in 4 overs, including a maiden which certainly is a rarity in T20 cricket.
Charani, who made an impression during India's ODI World Cup triumph, took 2 for 23 in her quota of overs, while Vaishnavi after an impressive debut in the opening encounter, finished with 2 for 32, not letting the Islanders get easy runs in her second spell.
The last six wickets fell for just 24 runs, but what stood out during India’s bowling effort was their superb ground fielding. After a patchy show in the previous game, the improved sharpness in the field resulted in three run-outs.
Sri Lankan skipper Chamari Athapaththu (31 off 24 balls) looked in good nick as she deposited length deliveries from seamers Kranti Gaud and Arundhati Reddy over the ropes but it was Rana, who kept her quiet by repeatedly pitching on good length.
Unable to manoeuvre the strike and with the big hits suddenly drying up, Athapaththu chanced her arm at another delivery in which Rana had shortened the length slightly.
Not having transferred the weight into the lofted shot, Athapaththu's hoick was pouched cleanly by Amanjot Kaur at long-off.
This was after Athapaththu's opening partner Vishmi Gunaratne (1) had offered a simple return catch to Gaud.
Hasini Perera (22 off 28 balls) and Harshitha Samarawickrama (33 off 32 balls) did stitch a stand of 44 but they could never set the tempo against the Indian spin troika.
Once Hasini offered a tame return catch off a Charani full-toss, Sri Lankans never recovered and lost wickets in a heap towards the end.
