Gold prices fall by Rs220 on weak global cues, low demand
New Delhi: Gold prices declined by Rs220 to Rs31,450 per 10 grams at the bullion market on Thursday backed by a weak trend overseas amid easing demand from local jewellers at prevailing levels. Silver prices also dropped by Rs400 to Rs39,500 per kg due to reduced offtake by industrial units and coin makers.
Traders said, apart from a weak trend overseas, decline in demand from local jewellers and retailers at existing levels in domestic spot market, mainly weighed on the gold and silver prices.
Globally, gold rate fell 0.70% to $1,324.90 an ounce and silver by 0.53% to $16.47 an ounce in New York in Wednesday’s trade.
In the national capital, gold of 99.9% and 99.5% purity fell by Rs220 each to Rs31,450 and Rs31,300 per 10 grams, respectively. The precious metals had climbed Rs220 on Wednesday. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams in limited deals.
Following gold, silver ready moved down by Rs400 to Rs39,500 per kg and weekly-based delivery by Rs470 to Rs38,770 per kg. Silver coins, however, continued to be traded at previous levels of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
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