Categories: Business

gold and silver futures slip on weak demand

Photo: FILE

gold and silver future

new Delhi. Gold and silver futures prices have come under pressure today due to weak demand in the spot market. The precious metals declined today due to weak domestic cues, however, the precious metals remained limited due to the uncertainty of the Corona crisis.

At the Multi Commodity Exchange, the delivery gold contract fell by Rs 23, or 0.05 per cent, to Rs 48,944 per 10 grams in August. It traded for 8,059 lots. The contract for delivery in October for gold fell by Rs 87, or 0.18 per cent, to Rs 49,020 per 10 grams. It traded for 11,500 lots. In New York, gold lost 0.03 percent to $ 1,809.50 an ounce.

On the other hand, silver for delivery in December in Multi Commodity Exchange lost Rs 198, or 0.37 per cent, to Rs 54,201 per kg with a turnover of 399 lots. Globally, in New York, silver rose 0.01 percent to $ 19.77 an ounce.

Despite today's decline in gold and silver, prices are still at high levels, due to which there is a strong pressure in the spot demand for precious metals. Due to this decrease in demand, gold imports in the country have also fallen to record levels. Gold imports in the country declined by 94 percent to $ 688 million or Rs 5,160 crore in the first quarter of the current financial year. This information has been found in the statistics of the Ministry of Commerce. In the same quarter of the previous financial year, yellow metal imports stood at $ 11.5 billion, or Rs 86,250 crore. Similarly, silver imports declined by 45 per cent to $ 57.5 million or Rs 4,300 crore during the quarter.

This post was published on July 21, 2020 3:57 am

Content Team

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