Gold prices halt three-day rise, shed Rs50 on weak demand
New Delhi: After rising for three days, gold prices weakened by Rs50 to Rs30,550 per 10 grams at the bullion market on Wednesday on weak global cues and easing demand by local jewellers. Silver, on the other hand, recaptured the Rs42,000-mark due to increased offtake by industrial units and coin makers.
Traders said that apart from weak trend in overseas markets, fall in demand from local jewellers as well as retailers at prevailing higher levels led to decline in gold prices. Globally, gold fell 0.19% to $1,336.90 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity slipped by Rs50 each to Rs30,550 and Rs30,400 per 10 grams respectively. The precious metal had gained Rs550 in the previous three sessions.
Sovereign, however, remained flat at Rs24,600 per piece of eight grams. Silver ready advanced by Rs300 to Rs42,000 per kg, while weekly-based delivery rallied by Rs940 to Rs41,500 per kg. Silver coins continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.