Gold prices lose sheen on weak global cues, muted demand
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New Delhi: Gold prices continued their slide for the third straight day and lost another Rs50 to Rs29,115 per 10 grams tracking weak global cues and muted demand from local jewellers at the bullion market on Friday.
Silver also declined by Rs50 to Rs39,050 per kg due to reduced offtake by industrial units and coin makers. Traders said, besides weak trend overseas as upbeat US economic data strengthened the dollar and eroded demand for the precious metals, fading demand from local jewellers and retailers at domestic spot market, mainly kept pressure on gold prices.
Globally, gold prices fell by 0.51% to $1,253.70 an ounce and silver by 0.80% to $16.73 an ounce in New York in Thursday’s trade.
In New Delhi, gold prices of 99.9% and 99.5% purity fell further by Rs50 each to Rs29,115 and Rs28,965 per 10 grams, respectively. The precious metal has lost Rs 155 in last two days.
Sovereign, however, remained flat at Rs 24,400 per piece of eight grams. In sync with gold, silver ready eased by Rs50 to Rs39,050 per kg and weekly-based delivery traded lower by Rs200 to Rs38,765 per kg.
On the other hand, silver coins remained steady at Rs72,000 for buying and Rs 73,000 for selling of 100 pieces.