India Markets open in 16 mins

Diwali 2018 Gold Rates Slip on Weak Global Cues, Muted Demand Ahead of Dhanteras

Despite subdued demand for gold jewellery during the current fiscal, the outlook for the retail industry of jewellery made of the yellow metal remained positive, and over the medium to long term the gold jewellery demand growth is projected at 6-7 per cent, said a report released on Friday.

November 2, New Delhi: Gold prices have slipped today by Rs 150 to Rs 32,630 per 10 grams, thus breaking its three-day rising spell. According to PTI reports, the fall is on the back of weak global trend and muted demand from the local jewellers. Silver, on the other hand, has recovered by Rs 310 to Rs 39,500 per kg backed by increased offtake by coin makers. The sentiment turned weak, mainly due to a subdued trend overseas. In the global market, gold slipped by 0.03 per cent to USD 1,233.50 an ounce and silver by 0.03 per cent to USD 14.82 an ounce in Singapore. Diwali 2018: Why Is Dhanteras Celebrated? Origin and Significance of The Festival of Wealth.

Also Read | Diwali 2018 Snack Recipes: From Punjabi Mathri to Sweet Gujiyas, Prepare These Mouth-Watering Delicacies for the Deepavali Party (Watch Videos)

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 150 each to Rs 32,630 and Rs 32,480 per 10 grams respectively. The precious metal had gained Rs 230 in the last three days. Sovereign gold, however, remained flat at Rs 24,900 per piece of 8 gram.

On the other side, silver ready rebounded by Rs 310 to Rs 39,500 per kg and weekly-based delivery by Rs 418 to Rs 38,546 per kg. Silver coins, however, were unaltered at 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Also Read | Amazon Great Indian Festival 2018 Day 1 Deals: Huge Discounts on Apple iPhone X, Samsung Galaxy Note 8, Huawei Nova 3 & More