INSUBCONTINENT EXCLUSIVE:
Weak demand from jewellers amid weak global cues led to a fall of Rs 250 per 10 grams in the gold price, the All India Sarafa Association
Tracking gold price, the rate of silver also declined by Rs 825 to Rs 37,700 per kg due to reduced offtake by industrial units and coin
Traders said that apart from subdued domestic demand, weak global cues influenced sentiment here thereby resulting in fall in gold
prices.The Federal Reserve's decision to hold rates also had an impact on gold prices
The Federal Open Market Committee (FOMC) continues to view sustained expansion of economic activity, strong labour market conditions, and
inflation near the Committee's symmetric two per cent objective as the most likely outcomes, as per a statement by the Fed."In light of
global economic and financial developments and muted inflation pressures, FOMC will be patient as it determines what future adjustments to
the target range for the federal funds rate may be appropriate to support these outcomes," it said.Globally, spot gold was trading lower at
$1,271.50 an ounce, while silver was down at $14.72 an ounce in New York.In the national capital, gold of 99.9 per cent and 99.5 per cent
purity declined by Rs 250 each to Rs 32,620 and Rs 32,450 per 10 gram, respectively.However, sovereign gold remained steady at Rs 26,400 per
eight grams.Silver ready fell by Rs 825 to Rs 37,700 per kg and weekly-based delivery reduced by Rs 699 to Rs 36,374 per kg.Silver coins,
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