Gold prices fall on weak global cues, muted demand
New Delhi: Gold prices declined by Rs50 to Rs30,500 per 10 gram at the bullion market on Tuesday, tracking a weak trend overseas amid subdued demand from local jewellers. Silver followed suit and dropped by Rs200 to Rs40,200 per kg on reduced offtake by industrial units and coin makers.
Traders said besides a weak trend overseas, tepid demand from local jewellers and retailers at domestic spot market, mainly weighed on gold prices. Globally, gold rates fell 0.16% to $1,291.90 an ounce and silver by 0.38% to $16.95 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5% purity shed Rs50 each to Rs30,500 and Rs30,350 per 10 gram, respectively. It had gained Rs100 on Monday. Sovereign however continued to be traded at previous level of Rs24,700 per piece of eight gram.
Silver ready too fell by Rs200 to Rs40,200 per kg and weekly-based delivery by Rs190 to Rs39,140 per kg. Silver coins however remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.