Gold prices weaken further on global cues
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New Delhi: Gold prices fell by another Rs10 to Rs29,800 per 10 grams at the bullion market on Friday on weak trend overseas and easing demand from local jewellers, while silver saw a big slump, cracking below the Rs42,000 mark.
Silver lost Rs660 to Rs41,800 per kg due to reduced offtake by industrial units and coin makers. A weak trend overseas and a strong US dollar dimmed the appeal for gold as a safe haven, traders said. Globally, gold fell by 0.10% to $1,280.40 an ounce and silver by 0.33% to $17.94 an ounce in Singapore.
Tepid demand from local jewellers as well as retailers at the domestic spot market also fuelled the downtrend, they said.
In Delhi, gold of 99.9% and 99.5% purity shed Rs10 each to Rs29,800 and Rs29,650 per 10 grams, respectively. It had lost Rs90 on Thursday.
Sovereign, however, remained flat at Rs24,500 per piece of eight grams.
Tracking gold, silver ready dropped by Rs660 to Rs41,800 per kg and weekly-based delivery by Rs430 to Rs41,380 per kg. On the other hand, silver coins continued to be traded at last level of Rs72,000 for buying and Rs73,000 for selling of 100 pieces.