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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PM Modi should scrap “anti-farmer” trade deal with US, says Rahul Gandhi
Bhopal (PTI): Congress leader Rahul Gandhi on Tuesday said Prime Minister Narendra Modi should scrap the Indo-US trade deal, which he described as being against the interests of Indian farmers.
“After the US Supreme Court ruling on the trade deal, I challenge PM Modi to scrap it,” Gandhi said, addressing the ‘Kisan Mahachaupal’ farmers rally in Bhopal.
“The Indo-US trade deal is against the interests of our farmers, and done by PM Modi under pressure,” the Congress leader said.
Gandhi said he was not allowed to speak in the Lok Sabha after the President’s address.
On former army chief Gen Naravane’s memoir, Gandhi said the decision to go to war is a political decision, and not a military one.
VIDEO | Bhopal: Addressing a gathering, Congress leader Rahul Gandhi says, "I want to say two or three more things. Listen carefully after my speech ends. The moment my speech ended, the Prime Minister left the Lok Sabha. In the evening, without consulting Rajnath Singh, Shivraj… pic.twitter.com/g83QRrUBug
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