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Gold prices fall on stronger rupee, weak sentiment

Gold prices fall on stronger rupee, weak sentiment

Gold prices fall on stronger rupee, weak sentiment
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By CNBC-TV18 Sept 19, 2019 5:15:26 PM IST (Published)

Gold prices on Thursday fell  in the national capital on stronger rupee and overall weak investment sentiment, according to HDFC Securities. Global gold prices were little changed after a sharp fall in the previous session as a lack of clarity in the US Federal Reserve's monetary policy outlook kept investors cautious.

Gold prices on Thursday fell  in the national capital on stronger rupee and overall weak investment sentiment, according to HDFC Securities. Global gold prices were little changed after a sharp fall in the previous session as a lack of clarity in the US Federal Reserve's monetary policy outlook kept investors cautious.

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Gold rates in Delhi fell Rs 270 to Rs 38,454 per 10 gram, reported PTI. Following the yellow metal, silver prices also declined by Rs 380 to Rs 47,310 per kilogram here.
Global spot gold rate inched 0.1% higher to $1,495.36 per ounce as of 0636 GMT, after falling as much as 1%. However, US gold futures were down 0.8% at $1,503.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold prices in India extended losses with prices for 24 Karat in Delhi dropping Rs 270 on stronger rupee and overall weak investment sentiment in gold.
"Gold prices traded lower on Thursday with international spot gold prices trading below $1,500 per ounce to $1,497 an ounce after FOMC rate decision," Patel said.
Hareesh V, head (commodity research), Geojit Financial Services, said, "Spot gold held below $1,500 an ounce, as investors stayed away from taking fresh bets after the US Federal Reserve's policy meeting that has not given a clear picture on the central bank's policy outlook."
He further added that domestic gold and silver traded down due to weak international sentiments and a stronger rupee.
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