Gold prices hit demand bump, slides Rs100, silver holds out
Decline in demand from local jewellers and retailers pushed down gold prices, but a firm trend overseas kept the fall here to a minimum
New Delhi: Gold’s hat-trick of gains came to a halt as the prices softened by Rs100 to Rs 29,100 per 10 grams on Saturday, hurt by local demand weakness, even as the metal paced up overseas.
A decline in demand from local jewellers and retailers pushed down gold prices, but a firm trend overseas kept the fall here to a minimum.
Globally, gold rose 0.71% to $1,255.60 an ounce and silver by 1.66% to $16.83 an ounce in New York on Saturday.
In the national capital, gold of 99.9% and 99.5% purity dropped by Rs100 each to Rs29,100 and Rs28,950 per 10 grams, respectively. It had gained Rs600 in the past three days. Sovereign, however, remained steady at Rs24,400 per piece of eight grams.
On the other hand, silver ready advanced by Rs50 to Rs39,200 per kg and weekly-based delivery Rs135 to Rs39,135 per kg. Silver coins, however, were on hold at Rs71,000 for buying and Rs72,000 for selling of 100 pieces. PTI