Gold prices weaken on muted demand
New Delhi: Gold prices fell by Rs85 to Rs30,365 per 10 gram at the bullion market on Thursday on sluggish demand from jewellers amid a weak trend in the overseas market. Silver prices followed suit and shed Rs210 to Rs39,640 per kg due to reduced offtake by industrial units and coin makers.
Traders attributed the decline in gold prices to a subdued demand from local jewellers and retailers at the domestic spot market. Besides, a muted trend in global market where gold retreated from over 3-1/2 month highs due to a firmer dollar on expectations of further US interest rate hike, eroding appeal of the safe-haven precious metal, led to decline in the prices.
Globally, gold rate fell 0.40% to $1,307.30 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity were down by Rs85 each to Rs30,365 and Rs30,215 per 10 gram, respectively. Sovereign however remained flat at Rs24,700 per piece of eight gram.
Silver ready drifted lower by Rs210 to Rs39,640 per kg and weekly-based delivery by Rs45 to Rs38,980 per kg. On the other hand, silver coins continued to be traded at last level of Rs73,000 for buying and Rs74,000 for selling of 100 pieces.
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