Gold prices soften on weak demand, global cues
Gold prices tumble by Rs250 to Rs31,450 per 10 gram in tandem with a weakening global trend amid easing demand from local jewellers
New Delhi: Gold prices tumbled by Rs250 to Rs31,450 per 10 gram at the bullion market on Wednesday in tandem with a weakening global trend amid easing demand from local jewellers. Silver prices slipped by Rs140 to Rs39,300 per kg on reduced offtake by industrial units and coin makers.
Traders said that gold prices took a hit owing to a weak global trend as the dollar remained firm, while investors awaited the minutes of the US Federal Reserve’s last policy meeting. Besides, easing demand from local jewellers and retailers at domestic spot market weighed on gold prices.
Globally, gold rate fell 0.21% to $1,325.90 an ounce and silver by 0.18% to $16.39 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity plunged by Rs250 each to Rs31,450 and Rs31,300 per 10 gram, respectively. It had lost Rs 100 yesterday. Sovereign however remained unaltered at Rs24,800 per piece of eight gram in limited deals.
In sync with gold, silver ready eased further by Rs140 to Rs39,300 per kg and weekly-based delivery by Rs105 to Rs38,190 per kg. Silver coins however maintained a steady trend at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
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