Gold prices settle below Rs29,000, silver holds up firm
New Delhi: Gold prices on Monday got below the Rs29,000-mark by sinking Rs100 to Rs28,950 per 10 grams, dragged down by slack demand from local jewellers, even as the metal made headway overseas.
Silver advanced by Rs 180 to Rs 38,180 per kg, riding on increased offtake by industrial units and coin makers, along with a firm trend.
Globally, gold prices rose by 0.12% to $1,229.90 an ounce after the dollar fell to multi-month lows as the prospects for an interest rate hike this year dimmed due to softer US economic data.
Silver rose by 0.19% to $15.98 an ounce in Singapore.
In Delhi, gold of 99.9% and 99.5 % purity fell by Rs100 each to Rs28,950 and Rs28,800 per 10 grams, respectively.
The precious metal had gained Rs190 on Saturday. Sovereign, however, remained flat at Rs24,400 per piece of eight grams.
On the other hand, silver ready rose further by Rs 180 to Rs 38,180 per kg and weekly-based delivery by Rs 170 to Rs 37,170 per kg.
Silver coins, however, held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.