Gold slips below Rs 40K
Update: 2019-08-31 00:53 IST
New Delhi: After crossing record Rs 40,000-mark, gold price on Friday declined Rs 500 to Rs 39,720 per 10 gram in the national capital, according to the All India Sarafa Association, as positive developments in US-China trade talks reduced safe-haven appeal of the yellow metal.
The yellow metal on Thursday rose by Rs 250 to touch a record high of Rs 40,220 per 10 gram in the national capital. Silver also dropped Rs 450 to Rs 48,600 per kg on reduced offtake by industrial units and coin makers.
Easing in demand from jewellers in the domestic spot market amid sluggish trend overseas mainly led to a decline in gold prices, traders said. Besides, appreciation in the rupee also weighed on precious metal, they added.