BackGold snaps 2-day gains, dips Rs50 on weak global cues
Gold of 99.9 and 99.5% purity declined by Rs50 each to Rs28,450 and Rs28,250 per ten gram, respectively
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New Delhi: After two days of gains, gold prices fell by Rs50 to Rs28,450 per ten gram at the bullion market in Delhi on stockists selling, triggered by a weak global trend.
Silver followed suit and eased by Rs350 to Rs45,150 per kg on reduced offtake by industrial units and coin makers. Marketmen said stockists selling in tandem with a weak global trend amid speculation that the Federal Reserve will raise US interest rates sooner than expected mainly influenced the sentiment.
Gold in New York, which normally sets price trend on the domestic front, fell by 0.6% to $1,309.40 an ounce and silver by 1.2% to 20.88 an ounce. Besides, fall in domestic demand at prevailing higher levels further fuelled the downtrend, they said.
In Delhi, gold of 99.9 and 99.5% purity declined by Rs50 each to Rs28,450 and Rs28,250 per ten gram, respectively. It had gained Rs325 in the previous two sessions. Sovereign, however, held steady at Rs24,900 per piece of eight gram.
In line with a general weak trend, silver ready dropped by Rs350 to Rs45,150 per kg and weekly-based delivery by Rs410 to Rs44,930 per kg. It had rallied by Rs650 in last two days. Silver coins also plunged by Rs1,000 to Rs79,000 for buying and Rs80,000 for selling of 100 pieces.
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