Gold Prices Rise Over 6% In 2018
Gold gave a return of over 6 per cent in the year gone by. Ending the last session of 2018 on a weaker note, gold prices on Monday plunged by Rs 370 to Rs 32,270 per 10 grams at the bullion market, reported news agency Press Trust of India. Monday's decline came due to a considerable fall in demand from local jewellers amid muted trend overseas. In line with the gold prices, silver also dipped Rs 125 to Rs 39,100 per kg on subdued fag-end demand from industrial units and coin makers.
Besides, a stronger rupee against the dollar making imports cheaper exerted pressure on the prices of the precious metal, reported the agency citing traders.
Moreover, the marketmen also said shifting of funds towards the rising equity market was another factor for decline in the gold prices.  Â
In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 370 each to Rs 32,270 and Rs 32,120 per 10 grams, respectively. The gold prices, however, had risen by Rs 190 in the previous two sessions. Sovereign gold on Monday held steady at Rs 25,200 per piece of 8 grams.
For the year, the gold prices jumped by Rs 1,870, or 6.15 per cent, as compared with the price of Rs 30,400 per 10 grams on December 30, 2017. Silver, on the other hand, lost Rs 880, or 2.2 per cent, against Rs 39,980 per kg as on December 30, 2017.
Globally, gold prices scaled a six-month high on Monday but was poised for its first annual decline since 2015 after previous declines on higher interest rates and dollar strength from the Sino-US trade conflict, reported news agency Reuters.
Spot gold rose 0.1 per cent to $1,282.62 an ounce in the intraday trade, with a dip in the dollar helping to lift the metal to its highest since June 19. US gold futures were also up 0.1 per cent at $1,284.
Silver ready also fell by Rs 125 to Rs 39,100 per kg Monday, while weekly-based delivery was marginally down by Rs 6 to Rs 38,700 per kg. Silver coins were, however, unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
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