Gold prices fall on weak global cues
Gold prices drifted lower by Rs200 to Rs29,050 per 10gm. Silver prices strengthened by Rs200 to Rs41,200 a kg on increased offtake by industrial units and coin makers
New Delhi: Gold prices drifted lower by Rs200 to Rs29,050 per 10gm at the bullion market on Monday, tracking a weak trend overseas amid tepid demand in the domestic spot market on prevailing cash crunch following demonetisation of high value notes.
Silver strengthened however by Rs200 to Rs41,200 per kg on increased offtake by industrial units and coin makers. Traders said that apart from a weak trend overseas, fall in demand from jewellers and retailers in view of scarcity of funds weighed on gold prices.
The government on 8 November had announced the demonetisation of Rs500 and Rs1,000 notes in a bid to flush out black money, leading to cash crunch in the financial system. Globally, gold fell by 0.64% to US $1,169.60 an ounce in Singapore. In the national capital, 99.9% and 99.5% purity gold fell by Rs200 each to Rs29,050 and Rs28,900 per 10 grams, respectively.
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The precious metal had gained ₹ 50 in Saturday’s trade. Sovereign, however, held steady at ₹ 4,400 per piece of eight grams in scattered deals. On the other hand, silver ready advanced by ₹ 00 to ₹ 1,200 per kg and weekly-based delivery by ₹ 0,000 to ₹ 40,365 per kg. Whereas, silver coins remained steady at ₹ 4,000 for buying and ₹ 5,000 for selling of 100 pieces.
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