Gold prices continue to fall on feeble demand, global cues
A weak global trend and fading demand from local jewelers dragged gold prices down by Rs. 90 to Rs. 31,950/10g at the bullion market today. Silver too declined by Rs. 200 to Rs. 37,800/kg due to reduced offtake by industrial units and coin makers. Traders said apart from a weak overseas trend, easing demand from local jewelers and retailers weighed on gold prices.
Gold had gained Rs. 90 yesterday
Globally, gold fell 0.29% to $1,224.20 an ounce and silver by 1.28% to $14.38 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity declined by Rs. 90 each to Rs. 31,950 and Rs. 31,800 per 10 gram, respectively. It had gained Rs. 90 yesterday. Sovereign gold, however, remained flat at Rs. 24,800 per piece of 8g in scattered deals.
Silver prices sink by Rs. 200; silver coins remain unaltered
Silver ready too moved down by Rs. 200 to Rs. 37,800/kg and weekly-based delivery by Rs. 302 to Rs. 36,586/kg. Silver coins, however, remained unaltered at Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.
