Gold prices slip on sluggish demand, weak global cues
Gold prices soften by Rs50 to Rs31,600 per 10 gram on sluggish demand from local jewellers amid weak trend overseas
New Delhi: Gold prices softened by Rs50 to Rs31,600 per 10 gram at the bullion market on Tuesday on sluggish demand from local jewellers amid weak trend overseas. However, silver prices rose by Rs50 to Rs40,500 per kg on scattered enquiries from industrial units and coin makers.
Traders said tepid demand from local jewellers and retailers at domestic spot market and a weak trend overseas weighed on gold prices.
Globally, gold rate fell 0.12% to $1,291.50 an ounce in New York in Monday’s trade.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs50 each to Rs31,600 and Rs31,450 per ten gram, respectively. The precious metal had gained Rs50 on Monday. Sovereign gold, however, remained unaltered at Rs24,800 per piece of eight gram.
On the other hand, silver ready edged up by Rs50 to Rs40,500 per kg and weekly-based delivery by Rs85 to Rs39,575 per kg. Silver coins however remained steady at Rs76,000 for buying and Rs77,000 for selling of 100 pieces.