Gold prices stay weak on global cues, muted demand
New Delhi: Gold prices fell further by Rs75 to Rs30,450 per 10 grams in Delhi bullion market on Saturday in tandem with a weakening global trend amid sluggish demand from local jewellers.
Traders said besides weak trend overseas, fading demand from local jewellers and retailers at prevailing levels at the domestic spot markets mainly kept pressure on gold prices.
Globally, gold fell 0.21% to $1,287.90 an ounce and silver by 0.35% to $17.01 an ounce in New York in yesterday’s trade.
In the national capital, gold of 99.9 and 99.5% purity declined by Rs75 each to Rs30,450 and Rs30,300 per 10 grams, respectively. It had shed Rs25 yesterday. Sovereign, however, remained unaltered at Rs24,700 per piece of eight grams.
Silver ready traded lower by Rs200 to Rs40,300 per kg, while weekly-based delivery declined by Rs270 to Rs39,240 per kg. Silver coin, however, traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.