Gold prices lose ground on poor demand
New Delhi: Gold prices lost some of its shine as the price eased by Rs90 to Rs29,810 per 10 grams on Thursday, aligning with a sluggish trend overseas amid fall in local demand.
Silver, however, made a smart comeback by recovering Rs210 to Rs42,460 per kg, supported by increased offtake by industrial units.
According to traders, drop in demand from local jewellers at the domestic spot market, apart from a weak trend overseas, was a big drag.
Globally, gold softened by 0.12% to $1,278.70 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs90 each to Rs29,810 and Rs29,660 per 10 grams, respectively.
Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.
On the other hand, silver ready rebounded by Rs210 to Rs42,460 per kg while weekly-based delivery shed Rs 20 at Rs 41,810 per kg. Silver coins, however, remained flat at Rs72,000 for buying and Rs73,000 for selling of 100 pieces.