Gold prices shed Rs70 on fall in demand
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New Delhi: Gold’s downward movement continued for the fourth straight day as the prices fell Rs70 to Rs29,300 per 10 grams at the bullion market on Monday on low demand from local jewellers and retailers even as the metal strengthened overseas.
Silver prices followed suit and lost another Rs200 at Rs 39,700 per kg on lack of buying support from industrial units and coin makers. Traders said muted demand from local jewellers and retailers at domestic spot market mainly kept pressure on gold prices but better trend overseas capped the fall.
Globally, gold rose by 0.21% to $1,269 in Singapore.
In the national capital, gold of 99.9% and 99.5% purity declined further by Rs70 each to Rs29,300 and Rs29,150 per 10 grams, respectively. The precious metal had lost Rs425 in the previous three sessions.
Sovereign, however, held steady at Rs24,400 per piece of eight grams. Following gold, silver ready drifted lower by Rs200 to Rs39,700 per kg and weekly-based delivery by Rs140 to Rs39,475 per kg. Silver coins too plunged by Rs1,000 to Rs72,000 for buying and Rs73,000 for selling of 100 pieces.