Gold Price October 29: Gold, Silver decline amid weak global demand; check today's rates
New Delhi | Jagran Business Desk: Gold and silver prices in India declined on Thursday in tandem with a fall in global rates. The yellow metal's price dropped Rs 121 to Rs 50,630 per 10 gram in the national capital and the silver also fell Rs 1,277 to 60,098 per kilogram. In the previous session, gold had closed at Rs 50,751 per 10 gram while silver had closed Rs 61,375 per kilogram. In the global market, the precious metal steadied in a tight range on Thursday after falling 2% the previous day as caution crept in ahead of the U.S. elections, with bullion also contending with the dollar as a refuge for investors hedging risks from mounting COVID-19 cases.
On MCX, December gold futures dropped 0.14% to Rs 50, 426 per 10 gram while silver slipped 0.06% lower to Rs 60, 100 per kg. Both the precious metals had slumped in the previous session. In the previous session, gold prices on MCX had declined 0.9% or Rs 450 per 10 gram while silver had crashed Rs 2080 or 3.3% per kg.
Global gold demand declined by 19 percent during the July-September quarter to 892.3 tonnes, the lowest quarterly total since Q3 of 2009, due to coronavirus-induced disruption, World Gold Council (WGC) said in a report. The total global demand during July-September 2019, stood at 1,100.2 tonnes, according to WGC''s Q3 Gold Demand Trends'' report. Though the overall demand declined during the third quarter of this year, there was significant growth in investment demand, the report said.
The overall investment demand grew by 21 per cent at 494.6 tonnes as investors globally bought 222.1 tonnes of gold bars and coins and an additional 272.5 tonnes through gold-backed ETFs (electronically traded funds).
(with inputs from Reuters)
Posted By: Rakesh Kumar Jha