Gold prices slide Rs250 on muted demand
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New Delhi: Gold prices went down for the fourth straight day—this time by Rs 250—to Rs 29,250 per 10 grams, in sync with a weakening global trend amid slack demand from local jewellers.
Silver also cracked below the Rs42,000-mark by plunging Rs600 to Rs41,500 per kg following reduced offtake by industrial units and coin makers.
Traders said gold fell globally on the growing buzz that the US interest rate is set to go up next week, which would reduce appeal of the metal as an alternative asset.
Globally, gold fell 0.3% to $1,204.28 an ounce in Singsapore.
In addition, dwindling demand from local jewellers and retailers at the domestic spot market following the end of the wedding season kept the prices depressed.
In Delhi, gold of 99.9% and 99.5% purity plunged by Rs250 each to Rs29,250 and Rs29,100 per 10 grams, respectively.
The precious metal had lost Rs 600 in the previous three sessions. Sovereign also declined by Rs100 to Rs24,300 per piece of eight grams.
Following gold, silver ready dropped further by Rs600 to Rs41,500 per kg and weekly-based delivery by Rs785 to Rs41,155 per kg.
Silver coins too nosedived by Rs2,000 to Rs70,000 for buying and Rs71,000 for selling of 100 pieces.