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Gold prices dip to Rs 39,140 on global cues, silver follows suit

BusinessToday.In     December 3, 2019

Gold prices in national capital fell marginally, tracking weak overseas trend as positive manufacturing data from China kept investors interest muted for the metal.

In Delhi, gold price quoted at Rs 39,140 for 10g of 24 karat gold(99.9% purity). Gold prices in Delhi have fallen over 2% in the last one month.

Gold futures prices on MCX for December delivery were down 0.10% at 37,915 per 10 grams. In line with gold, silver prices too dipped marginally, with MCX Silver December futures declining 0.32% lower at 44,200.

The bearish outlook of gold in near-term is on back of weakness in the dollar across the board, leading to lower foreign demand for dollar-denominated gold, traders said. China's solid manufacturing reports despite trade war tensions also led to the slide in gold prices.

In global markets, gold prices slipped marginally, although hovered near one-week highs after  US President Donald Trump's move to re-impose of steel and aluminum tariffs on Brazil and Argentina stoked fresh global trade tensions.

Spot gold slipped 0.1% to $1,460.92 per ounce, while US gold futures declined 0.11% to $1467. Similarly, Silver futures declined 0.13% to $17 per ounce.

As per analysts, gold prices have been hovering in a narrow range creating a difference of $34 in the last four weeks, amid US-China trade concerns. Gold has risen more than 13% this year mainly due to the 17-month-old trade dispute between the US and China, which drove demand for safe haven assets.

By Rupa Burman Roy

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