Market Update

Market Watch

Tuesday, 19 January 2016

Gold Remains Weak

Gold Remains Weak on Sluggish Demand 
Gold remained weak for the second straight day and it shed Rs 35 to Rs 26,350 per 10 grams at the bullion market on Tuesday, on easing demand from jewelers and retailers even as the metal held steady in global markets. Silver, however, ended stable at Rs 34,000 per kg in scattered deals from industrial units and coin makers. Market men said subdued demand from jewelers and retailers at the domestic spot markets mainly kept pressure on the precious metal prices. Globally, gold traded at steady at $1,088.68 an ounce in Singapore.

Meanwhile, the government on Monday raised the import tariff value on gold to $354 per 10 grams and on silver to $457 per kg as per global price trends. During the first fortnight of this month the import tariff value on gold was at $345 per 10 and on silver it was at $452 per kg. In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs 35 each to Rs 26,350 and Rs 26,200 per 10 grams, respectively. The precious metal had lost Rs 165 on Monday. Sovereign, however, remained flat at Rs 22,300 per piece of 8 grams. On the other hand, silver ready held flat at Rs 34,000 per kg, while weekly-based delivery recovered by Rs 45 to Rs 34,045 per kg. Silver coins traded at previous level of Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.

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