Gold prices fall Rs125 on weak global cues, easing demand
New Delhi: After rising for three straight days, gold drifted lower by Rs125 to Rs29,275 per 10 grams on Thursday on weak global cues amid fall in demand from local jewellers.
Silver followed suit and softened by Rs100 to Rs42,500 per kg due to reduced offtake by industrial units and coin makers.
Marketmen said apart from a weak trend overseas, easing demand from local jewellers and retailers at existing levels weighed on gold prices.
Globally, gold fell by 0.13% to $1,253.80 an ounce and silver by 0.25% to $18.22 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity traded lower by Rs125 each to Rs29,275 and Rs29,125 per 10 grams, respectively.
It had gained Rs340 in the past three sessions.
Sovereign, however, remained unaltered at Rs24,400 per piece of eight grams.
Following the yellow metal, silver ready declined by Rs100 to Rs42,500 per kg and weekly-based delivery by Rs185 to Rs42,240 per kg. While silver coins held steady at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.