Gold prices soften on muted demand
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New Delhi: Gold prices eased by Rs50 to Rs29,900 per 10 grams on Monday, owing to slack demand from local jewellers even as the metal strengthened overseas.
Silver followed suit and slipped below the Rs43,000 mark by falling Rs50 to Rs42,950 per kg due to lower off-take.
Traders said sluggishness in demand from local jewellers and retailers mainly kept up pressure on precious metal prices, but a firm trend prevailed overseas as geopolitical tensions drove the flight to safety, which capped the fall.
Globally, gold rose by 0.07% to $1,288.70 an ounce and silver by 0.22% to $18.56 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity slid Rs50 each at Rs29,900 and Rs29,750 per 10 grams, respectively.
Sovereign, however, remained flat at Rs24,500 per piece of eight grams. Silver ready too moved lower by Rs50 to Rs42,950 per kg while weekly-based delivery edged up by Rs10 to Rs42,580 per kg.
Silver coins, however, continued to be traded at the previous level of Rs72,000 for buying and Rs73,000 for selling of 100 pieces.