Gold prices dip due to rising Dollar

New Delhi, Nov 6: Gold came under pressure from a rising dollar with a fall of Rs 115 to Rs 30,135 per 10 grams today, which was compounded by tepid demand from local jewellers.

The fall was in line with a weak trend overseas as the strength in the dollar dented demand for the precious metal as a safe haven.

Silver too lost sheen, losing Rs 450 to Rs 40,050 per kg, following reduced offtake by industrial units and coin makers. 

The dollar firmed up after upbeat US economic data bolstered prospects of further interest rate hike by the Federal Reserve and diminished appeal of the precious metal. 

A fading demand from local jewellers and retailers and shifting of funds towards rising equity market came as a drag.

Globally, gold fell 0.03 per cent to USD 1,269 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity came down by Rs 115 each to Rs 30,135 and Rs 29,985 per 10 grams, respectively.

Sovereign, however, remained unchanged at Rs 24,700 per piece of eight grams in sparse deals. 

Following gold, silver ready dropped by Rs 450 to Rs 40,050 per kg and weekly-based delivery by Rs 490 to Rs 39,135 per kg.

Silver coins too plunged by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

PTI