Gold prices fall for second straight day on global cues
New Delhi: Falling for the second straight day, gold prices dropped by another Rs200 to Rs29,550 per 10 grams today, tracking a weak trend overseas amid muted demand from local jewellers.
Silver followed suit and fell further by Rs300 to Rs42,500 per kg due to reduced offtake from industrial units and coin makers.
Marketmen said a weak trend overseas, as investors anticipate higher borrowing costs in the US next week that strengthened the dollar and eroded demand for the precious metals as a safe-haven, mainly dampened the sentiment.
Besides, sluggish demand from local jewellers and retailers at domestic spot market also weighed on prices, they said.
Globally, gold fell 0.03% to $1,224.70 an ounce and silver plunged 0.34% to $17.70 an ounce in Singapore.
In Delhi, gold of 99.9% and 99.5% purity drifted further down by Rs200 each to Rs29,550 and Rs29,400 per 10 grams, respectively.
The precious metal had lost Rs350 on Monday. Sovereign, however, remained steady at Rs24,500 per piece of eight grams.
Following gold, silver ready fell by Rs300 to Rs42,500 per kg and weekly-based delivery by Rs310 to Rs42,390 per kg.
Silver coins, however, traded at previous level of Rs73,000 for buying and Rs74,000 for selling of 100 pieces.