Gold prices fall as investors focus on equities, silver rises by Rs600
Gold prices edge down by Rs30 to Rs30,250 per 10 grams as equities find more traction with investors seeking higher returns
New Delhi: Gold prices slid Rs30 to Rs30,250 per 10 grams on Friday as equities found more traction with investors seeking higher returns. Leads overseas were negative and demand from local jewellers was hard to come by. But silver prices staged a comeback by jumping Rs600 to Rs40,500 per kg, spurred by industrial units and coin makers.
Tepid demand from local jewellers and retailers at the domestic spot market was a drag on gold prices, analysts said. Globally, gold rates fell 0.08% to $1,274.50 an ounce in Singapore. Diversion of funds towards attractive equity markets, which soared to record high, worked against the yellow metal, marketmen said.
In the national capital, gold of 99.9% and 99.5% purity dropped Rs30 each to Rs30,250 and Rs30,100 per 10 grams, respectively. It had edged up Rs5 on Thursday. Sovereign, however, was steady at Rs24,700 per piece of eight grams.
On the other hand, silver ready shot up Rs600 to Rs40,500 per kg while weekly-based delivery declined by Rs80 to Rs39,625 per kg. Silver coins, however, continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.