Gold prices fall on global cues, low demand
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New Delhi: After Thursday’s strong rally, gold prices slipped by Rs150 to Rs28,950 per 10 grams, largely on its global weakness amid subdued demand from local jewellers.
Silver also dropped by Rs350 to Rs41,000 per kg on reduced offtake by industrial units and coin makers.
Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at current levels mainly led to decline in gold prices.
Globally, gold fell by 0.01% to $1,225.70 an ounce and silver by 0.26% to $17.25 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity fell by Rs150 each to Rs28,950 and Rs28,800 per 10 grams, respectively.
It had surged Rs450 on Thursday.
Sovereign, however, held steady at Rs24,300 per piece of eight grams.
Following gold, silver ready fell by Rs350 to Rs41,000 per kg and weekly-based delivery by Rs265 to Rs40,745 per kg. Silver coins, however, remained unaltered at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.