Gold extends losses for 2nd day, falls Rs 160 due to sluggish demand
capital on Tuesday, extending the losses to the second day due to sluggish demand from jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity fell by Rs 160 to Rs 82,840 per 10 grams. It had closed at Rs 83,000 per 10 grams on Monday. Gold of 99.5 per cent purity also slipped Rs 160 to Rs 82,440 per 10 grams from the previous close of Rs 82,600 per 10 grams.
However, silver traded flat at Rs 92,000 per kg on Tuesday.
Traders have shifted their focus to the crucial FOMC interest rate decision on Wednesday, which will play a significant role in influencing the US Dollar and will help the next leg of a directional move for the bullion prices, marketmen said.
«Gold extended its fall on Tuesday as the US dollar regained its strength against its major peers, following US President Donald Trump's statement that he wants global tariffs & 'much bigger' than 2.5 per cent,» Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities, said.
In futures trade, gold contracts for February delivery increased Rs 327 or 0.41 per cent to Rs 79,905 per 10 grams on MCX.
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