Wednesday, 28 September 2016

Gold and silver dips on weak demand : 28 Sept 2016



Gold futures closed lower in the domestic market on Tuesday as demand for haven assets dulled in the wake of the first U.S. presidential debate.
Gold and the dollar typically move inversely, and a higher dollar can diminish the appeal of the yellow metal priced in dollars.

At the MCX, gold futures for October 2016 contract ended at Rs 30,989 per 10 grams, down by 1.08 per cent, after opening at Rs 31,271, against a previous close of Rs 31,328. It touched the intra-day low of Rs 30,962.

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.

At the MCX, silver futures for December 2016 contract closed at Rs 45,480 per kg, down by 2.20 per cent, after opening at Rs 46,311, against a previous close of Rs 46,501. It touched the intra-day low of Rs 45,357.

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