Gold extends weakness on muted demand, silver remain up
Gold prices drifted lower by Rs55 to Rs29,575 per 10 grams at Delhi bullion market, as slack demand from jewellers continued despite the metal strengthening overseas
New Delhi: Extending Friday’s slide, gold prices drifted lower by Rs55 to Rs29,575 per 10 grams at Delhi bullion market on Saturday, as slack demand from local jewellers continued despite the metal strengthening overseas.
Traders said tepid demand from local jewellers as well as retailers at the domestic spot market, mainly kept gold prices lower, but a firming trend overseas capped the fall.
Globally, gold rose 0.46% to $1,210 an ounce and silver traded 0.38% higher at $17.06 an ounce in New York in Friday’s trade.
In the national capital, gold of 99.9% and 99.5% purity slipped by Rs55 each to Rs29,575 and Rs29,425 per 10 grams respectively. It had lost Rs70 yesterday. Sovereign, however, remained flat at Rs24,300 per piece of eight grams.
On the other hand, silver ready rose by Rs100 to Rs41,700 per kg, while weekly-based delivery shed Rs25 at Rs41,425 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
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