Gold prices fall by Rs100 on global cues, low demand
Gold prices decline by Rs100 to Rs30,525 per 10 grams, halting its three-session gains due to weak global cues amid muted demand from local jewellers at prevailing levels
New Delhi: Gold prices slipped by Rs100 to Rs30,525 per 10 grams at the bullion market on Thursday, halting its three-session gains, due to weak global cues amid muted demand from local jewellers at prevailing levels. Silver fell further by Rs75 to Rs40,650 per kg due to reduced offtake by industrial units and coin makers.
The yellow metal lost strength as dollar strengthened after upbeat US economic data bolstered the prospects of interest rate increases next month and beyond. This eroded demand for the precious metals as a safe haven. Besides, fading demand from local jewellers and retailers at existing levels dampened sentiments, traders said.
Globally, gold rates declined 0.07% to $1,276.70 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity weakened by Rs100 each to Rs30,525 and Rs30,375 per 10 grams, respectively. The precious metal had gained Rs175 in the previous three days. Sovereign, however, remained steady at Rs24,700 per piece of eight grams.
Silver ready drifted lower by Rs75 to Rs40,650 per kg and weekly-based delivery by Rs135 to Rs39,650 per kg. Silver coins continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
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