Gold tanks to Rs 1,25,600/10 grams in Delhi markets amid weak global cues
New Delhi (PTI): Gold prices tanked to Rs 1,25,600 per 10 grams in the national capital on Friday amid weak trends in the international markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 1,32,400 per 10 grams on October 18.
Gold of 99.5 per cent purity slumped to Rs 1,25,000 per 10 grams (inclusive of all taxes). It had settled at Rs 1,31,800 per 10 grams on Saturday.
In the local bullion market, silver prices also tumbled to Rs 1,52,600 per kilogram (inclusive of all taxes) on Friday. It had ended at Rs 1,70,000 per kg in the previous market session.
The association said that local bullion markets reopened on Friday after being closed for four days amid Diwali festivities.
In the international markets, spot gold fell by USD 38.47, or 0.93 per cent, to USD 4,087.55 per ounce on Friday after rising 0.67 per cent in the previous session.
"Gold struggled to maintain its recovery on Friday as the market shifted from a bullish trend to the correction phase. Traders remain cautious following a sharp sell-off earlier in the week and avoid fresh buying," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Gandhi noted that many markets in India are closed for the holiday season, and following the conclusion of the Diwali festival, the demand in India, the world's second-largest gold consumer, is expected to decline.
Spot silver declined by USD 1.66 per cent to USD 48.12 per ounce in the overseas markets.
"Easing geopolitical tensions, as US President Donald Trump and Chinese counterpart Xi Jinping's meeting is scheduled on October 30, also weighs on the metal.
"Meanwhile, the Trump administration's decision to impose sanctions on the biggest Russian oil companies has underscored the fact that geopolitical concerns are going to linger for a long time," Praveen Singh, Head of Commodities and Currencies at Mirae Asset Share Khan, said.
Gold is likely to trade between USD 4,000-4200 per ounce level in the near term, as the interest rate cut expectations by the US Federal Reserve limit the downside, Singh added.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "The ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious".
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Sooryavanshi's century in vain as SRH beat RR by 5 wickets
Jaipur (PTI): Vaibhav Sooryavanshi's century went in vain as Sunrisers Hyderabad beat Rajasthan Royals by five wickets in their IPL match here on Saturday.
Sooryavanshi hammered his second hundred in the IPL — a 37-ball 103 — as Rajasthan Royals put on board a strong 228 for six after they were put in to bat first.
Sooryavanshi got plenty of support from Dhruv Jurel, who made a 35-ball 51 and, helped the teenager milk 112 runs for the second wicket. In the death overs, Donovan Ferreira (33) played some big shots as RR went past the 200-run mark.
But, SRH chased down the target of 229 with nine balls to spare, with Ishan Kishan top-scoring with a 74 off 31 balls. Abhishek Sharma chipped in with 57 off 29 deliveries as SRH reached 229 for 5 in 18.3 overs.
Brief Scores:
Rajasthan Royals: 228/6 in 20 overs (Vaibhav Sooryavanshi 103, Dhruv Jurel 51; Pat Cummins 1/27, Eshan Malinga 2/38).
Sunrisers Hydearabad: 229 for 5 in 18.3 overs (Ishan Kishan 74, Abhishek Sharma 57; Jofra Archer 2/34, Brijesh Sharma 2/44).
