New Delhi: Gold prices dived by Rs300 to Rs31,600 per ten grams, extending their slide for the third straight day at the bullion market on Saturday, tracking a weak trend overseas amid fall in demand from local jewellers.

Traders said sentiment remained downbeat on the back of a weak global trend where gold fell after stronger than forecast US payrolls data boosted expectations that the Federal Reserve may press ahead with another US interest rate hike this month, lifting the dollar.

Globally, gold fell 0.37% to $1,293.10 an ounce and silver 0.06% to $16.38 an ounce in New York in yesterday’s trade.

Besides, fading demand from local jewellers and retailers at domestic spot market too fuelled the downtrend, they said.

In the national capital, gold of 99.9% and 99.5% purity slumped further by Rs300 each to Rs31,600 and Rs31,450 per ten grams, respectively. The precious metal had lost Rs190 in last two days. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.

In sync with gold, silver ready declined by Rs100 to Rs40,500 per kg and weekly-based delivery by Rs145 to Rs39,535 per kg. On the other hand, silver coins continued to be traded at the previous level of Rs76,000 for buying and Rs77,000 for selling of 100 pieces.

Close