Gold rate falls Rs 5,643 in a week to Rs 1,35,809 per 10 g; Nifty ends 155 points lower

The gold rate in India slipped again on Friday, 13 November. The India Bullion and Jewellers Association (IBJA) set its closing price for 10 grams of 999-purity gold at Rs 1,35,809, down Rs 1,883 from Thursday. A week earlier, on 6 November, the same rate had closed at Rs 1,41,452, so the metal has lost Rs 5,643, or 3.99%, in a week.

The slide has been unbroken since 10 November, when IBJA quoted Rs 1,42,420. The association has published six rates since then, one each morning and afternoon, and every one came in below the last. Together they add up to a fall of Rs 6,611 per 10 grams. Gold of 916 purity, or 22 carats, closed at Rs 1,24,401. IBJA prices do not include the 3% GST or the making charges a buyer pays at a jewellery counter.

Silver followed. A kilogram of 999 silver ended at Rs 1,78,000, which is Rs 3,040 less than on Thursday and Rs 4,868 below its 6 November close. The afternoon rate did recover Rs 500 from the morning quote of Rs 1,77,500.

Gold closes below the bond payout

The fall has taken the rate below the payout on the Sovereign Gold Bond 2018-19 Series-III, which matured on Friday. The Reserve Bank of India set the final payout at Rs 14,024 a gram, the mean of IBJA closing rates for 999 gold over 10, 11 and 12 November. On 13 November, IBJA put a gram of 999 gold at Rs 13,581, which is Rs 443 below the bond payout.

Nifty snaps a three-session rise

Equities also closed in the red. On the National Stock Exchange, the Nifty 50 lost 155.05 points, or 0.61%, to finish at 25,144.30, after gaining in each of its three previous sessions, on 9, 11 and 12 November. The index still ended 113.95 points higher than its 6 November close of 25,030.35. Of its 50 stocks, 38 declined. Shriram Finance fell 3.37% and Tata Motors Passenger Vehicles 3.31%, while Eicher Motors added 1.34%. The Nifty Bank index shed 0.79% to 61,034.10.

Hyderabad companies were mixed. Granules India dropped 3.25% to Rs 813.20 and the missile maker Bharat Dynamics 2.38% to Rs 1,030. Cyient gained 1.42% to Rs 1,104.90. Divi’s Laboratories eased 0.37% to Rs 11,442, yet after its jump in the Muhurat trading session on 8 November the stock stays 10.87% above where it stood on 6 November.