Gold turns weak on subdued local demand

Gold turns weak on subdued local demand


New Delhi: Despite a firm global trend, gold prices closed with a loss of Rs80 at Rs10,170 per ten grams on the bullion market on 2 November, due to reduced demand from local parties at higher levels.

Marketmen said there was a low demand from investors and jewellery fabricators at the existing higher levels.

The market sentiment were subdued and even reports of a firming trend in global markets failed to influence trading activity. In London, gold added $2.37 to $789.67 an ounce and silver rose 8 cents to $14.185.

Standard gold and ornaments were down by Rs80 each at Rs10,170 and Rs10,020 per ten grams. Sovereign followed suit and lostRs 50 at Rs8,200 per 8-gram piece.

A similar trend was seen in silver ready, which dropped by Rs400 to Rs18,700 a kilo and weekly-based delivery by Rs300 at Rs18,650 a kilo. Its coin also traded lower by Rs100 at Rs24,800 for buying and Rs24,900 for selling of 100 coins in line general trend.