Gold prices slump Rs150 on weak global cues, tepid demand
New Delhi: Gold prices tumbled by Rs150 to Rs30,250 per 10 gram at the bullion market on Friday, hit by a subdued trend overseas and falling demand from local jewellers. Silver too faced selling pressure and lost Rs125 to Rs39,200 per kg.
Traders said the global weakness of precious metals as higher dollar against a basket of currencies overseas dented safe haven appeal of gold, dampened sentiments here.
Globally, gold rate fell 0.69% to $1,274.60 an ounce in New York on Thursday. A considerable drop in demand from jewellers and retailers at existing levels too hit the sentiment, they said.
In the national capital, 99.9% and 99.5% purity gold drifted lower by Rs150 each to Rs30,250 and Rs30,100 per 10 gram, respectively. The yellow metal had lost Rs120 on Thursday. Sovereign however traded flat at Rs24,700 per piece of eight gram in scattered deals.
In sync with overall trend, silver ready slipped by Rs125 to Rs39,200 per kg and weekly-based delivery by Rs210 to Rs37,710 per kg. Silver coins also came under some pressure and fell by Rs1,000 to trade at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.
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