Gold Rate Today: Gold prices decline on weak demand
Muted demand by jewellers at the spot market and uninspiring global cues offered no hope for the precious metal.
NEW DELHI: Gold prices declined in futures trade on Wednesday as the rally in riskier equities dented the demand for safe-haven metal.
The MCX Gold was trading at Rs 31,690, down by 0.21 per cent around 10:28 am.
Muted demand by jewellers at the spot market and uninspiring global cues offered no hope for the precious metal.
Even though the metal steadied in global markets after dollar eased against its peers, the gains for the yellow metal remained capped as the key equity indices traded near multi-month highs.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell to their lowest since March 8 at 768.10 tonnes on Tuesday, Reuters reported.
Rupee's rise against the dollar also kept the gold prices lower as a stronger rupee brings gold prices down and spurs consumption in the country.
Silver prices, however, climbed on raised order by industrial units and coin makers.
The MCX Silver was trading 0.29 per cent higher at Rs 37,475 around the same time.
The MCX Gold was trading at Rs 31,690, down by 0.21 per cent around 10:28 am.
Muted demand by jewellers at the spot market and uninspiring global cues offered no hope for the precious metal.
Even though the metal steadied in global markets after dollar eased against its peers, the gains for the yellow metal remained capped as the key equity indices traded near multi-month highs.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell to their lowest since March 8 at 768.10 tonnes on Tuesday, Reuters reported.
Rupee's rise against the dollar also kept the gold prices lower as a stronger rupee brings gold prices down and spurs consumption in the country.
Silver prices, however, climbed on raised order by industrial units and coin makers.
The MCX Silver was trading 0.29 per cent higher at Rs 37,475 around the same time.
