Gold prices turn weak on fall in demand, global cues
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New Delhi: After four sessions of gains, gold prices plunged by Rs195 to Rs29,600 per 10 grams at the bullion market on Thursday on easing demand from local jewellers at prevailing levels and weak global cues.
Silver prices followed suit and fell by Rs150 to Rs40,750 per kg on reduced offtake by industrial units and coin makers.
Traders said, weak trend overseas as investors remained cautious ahead of testimony by former FBI Director James Comey, Britain’s general election and a European Central Bank (ECB) policy decision, mainly dampened sentiment.
Globally, gold prices fell 0.10% to $1,285.50 an ounce in Singapore. Besides, decline in demand from local jewellers and retailers at existing higher levels in domestic spot market, fuelled the down trend in the precious metals’ prices, they said.
In Delhi, gold prices of 99.9% and 99.5% purity drifted lower by Rs195 each to Rs29,600 and Rs29,450 per 10 grams, respectively. It had gained Rs545 in the previous four sessions. Sovereign, however, held steady at Rs 24,500 per piece of eight grams.
Tracking gold, silver ready declined by Rs150 to Rs40,750 per kg and weekly-based delivery by Rs120 to Rs40,575 per kg.
Silver coins, however, held steady at Rs72,000 for buying and Rs73,000 for selling of 100 pieces.