Gold prices fall for third straight day on muted demand
Gold prices drifted further lower by Rs. 50 to Rs. 31,950 per 10 gram at the bullion market today, falling for the third consecutive day, tracking a weak global trend amid weak demand from local jewelers. It has lost Rs. 150 in the past two days. Silver too followed suit and dropped by Rs. 100 to Rs. 37,800/kg at the bullion market today.
Reasons: Fall in demand from jewelers, retailers at domestic market
Traders said sentiment remained bearish on the back of subdued global trend as strength in dollar eroded demand for the precious metals as a safe-haven. Globally, gold shed 0.05% to $1,221.50 an ounce, while silver held steady at $14.40 an ounce in Singapore. Besides, fall in demand from jewelers as well as retailers at domestic spot market too kept pressure on the gold prices.
Silver prices fall by Rs. 100 to Rs. 37,800/kg
In Delhi, gold of 99.9% and 99.5% purity dropped Rs. 50 to Rs. 31,950 and Rs. 31,800/10g, respectively. Sovereign-gold held flat at Rs. 24,800 for a piece of 8g on scattered support. Silver ended Rs. 100 down at Rs. 37,800/kg, while weekly-based delivery lost Rs. 183 at Rs. 36,586/kg. Silver-coins remained at Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.
