Gold prices weaken on global cues, muted demand
New Delhi: Gold prices softened by Rs25 to Rs30,525 per 10 gram at the bullion market on Friday, tracking a weak trend overseas amid tepid demand from jewellers at the domestic spot market. Silver however remained steady at Rs40,500 per kg in scattered deals from industrial units and coin makers.
Traders said, apart from a weak trend overseas, fall in demand from jewellers and retailers at existing levels weighed on gold prices. Globally, gold rates fell 0.04% to $1,290.10 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs25 each to Rs30,525 and Rs30,375 per 10 gram, respectively. The precious metal had climbed Rs150 on Thursday. Sovereign however ruled flat at Rs24,700 per piece of eight gram.
On the other hand, silver ready held steady at Rs40,500 per kg, while weekly-based delivery edged up by Rs30 to Rs39,510 per kg on speculative buying. Silver coins however remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.