Gold prices turn weak on muted demand, silver remains up
New Delhi: Gold prices softened by Rs25 to Rs30,225 per 10 grams on Friday, halting its five-day long winning run, owing to slackened demand from local jewellers at prevailing levels even as the metal strengthened overseas.
However, silver prices rose further by Rs200 to Rs39,700 per kg due to increased offtake by industrial units and coin makers.
Traders said easing demand from local jewellers and retailers at the spot market mainly led to a decline in gold prices but a firm trend overseas squeezed the slide. Diversion of funds towards the soaring equity market and an appreciating rupee against the dollar also weighed on gold prices.
Globally, gold rates rose 0.05% to $1,295.30 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity shed Rs25 each to Rs30,225 and Rs30,075 per 10 grams, respectively. It had gained Rs565 in the previous five sessions. Sovereign however remained unaltered at Rs24,700 per piece of eight gram.
On the other hand, silver ready advanced by Rs200 to Rs39,700 per kg, while weekly-based delivery eased by Rs60 to Rs38,790 per kg. Silver coins spurted by Rs1,000 to Rs73,000 for buying and Rs74,000 for selling of 100 pieces.
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