Gold prices fall Rs120 on weak global cues, low demand
New Delhi: Gold prices fell by Rs120 to Rs32,200 per 10 gram at the bullion market on Monday, tracking a weak trend overseas and muted demand from local jewellers. Silver also dropped by Rs150 to Rs40,300 per kg due to reduced offtake by industrial units and coin makers.
Traders said a weak trend overseas as strength in dollar against some currencies eroded appeal of the precious metal as a safe-haven investment and fading demand from local jewellers at the domestic spot markets pulled down gold prices.
Globally, gold rate fell by 0.43% to $1,316.90 an ounce and silver by 0.36% to $16.40 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity slumped by Rs120 each to Rs32,200 and Rs32,050 per 10 grams, respectively. The precious metal had gained Rs110 on Saturday. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.
In sync with gold, silver ready declined by Rs150 to Rs40,300 per kg. Silver weekly-based delivery too fell by a similar margin to trade at Rs38,855 per kg. Silver coins, however, held steady at Rs75,000 for buying and Rs76,000 for selling of 100 pieces.