Gold prices ease on global cues– Check rates on October 29, 2020

New Delhi: Gold futures on Thursday fell by 0.29 percent to Rs 50,349 per 10 gram as participants offloaded their holdings on low spot demand.

At pm 13:40, On the Multi Commodity Exchange, gold prices for December delivery declined by Rs 146, or 0.29 percent, to Rs 50,349 per 10 gram in a business turnover of 13,421 lots. Meanwhile, Silver delivery fell 0.62 percent to Rs 59765 per KG in a business turnover of 14,961 lots.

Spot gold dropped 1.4% to $1,880.60 an ounce. Silver fell 4.68% to $23.40.

World Gold Council (WGC) has released a report stating that Gold demand in India dropped by 30 per cent during the July-September quarter to 86.6 tonnes compared to the same period last year due to COVID-19 related disruptions and ruling high prices.

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The overall demand stood at 123.9 tonnes during the third quarter of 2019, according to WGC’s Q3 Gold Demand Trends report. In terms of value, gold demand declined by 4 per cent during the quarter under review at Rs 39, 510 crore compared to Rs 41,300 crore in the same quarter of 2019.

Meanwhile, yesterday, Gold prices gained Rs 188 to Rs 51,220 per 10 gram in the national capital amid rupee depreciation. The precious metal had closed at Rs 51,032 per 10 gram in the previous trade. Silver also rose Rs 342 to Rs 62,712 per kilogram, from Rs 62,370 per kilogram in the previous trade.