Gold falls on sluggish demand, global cues
Gold of 99.9 and 99.5% purity declined by Rs20 each to Rs30,230 and Rs30,030 per 10 gram respectively
New Delhi: Snapping a two-day rising trend, gold prices fell by ₹ 20 to ₹ 30,230 per ten gram in New Delhi bullion markets on Friday owing to slackened demand at prevailing higher levels amid weak global cues.
Silver also declined by ₹ 200 to ₹ 43,000 per kg on lack of buying support from industrial units.
Traders said besides sluggish demand at prevailing higher levels, weak global trend due to eroding of demand for the metal on signs of gains in the US economy, mainly influenced the sentiment.
Gold in New York, which normally set price trend on the domestic front, fell by 0.7% to $1,293.90% and silver by 0.2% to 19.59 dollar an ounce.
On the domestic front, gold of 99.9 and 99.5% purity declined by ₹ 20 each to ₹ 30,230 and ₹ 30,030 per 10 gram respectively. It had gained ₹ 250 in last two trade. Sovereign remained flat at ₹ 25,000 per piece of eight gram.
Silver ready lost ₹ 200 at ₹ 43,000 per kg while weekly- based delivery rose by ₹ 135 to ₹ 42,375 per kg.
Silver coins spurted by ₹ 1,000 to ₹ 82,000 for buying and ₹ 83,000 for selling of 100 pieces.
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