A saleswoman displays a gold necklace inside a jewellery showroom.  (Reuters)
A saleswoman displays a gold necklace inside a jewellery showroom. (Reuters)

Gold and silver prices slide on Friday amid weak global trend, muted demand

  • In Delhi, gold of 99.9% and 99.5% purity dropped by 160 each to 33,170 and 33,000 per 10 gram, respectively
  • Silver ready also dropped by 625 to 37,625 per kg, while weekly-based delivery plunged 702 to 36,822 per kg

Gold prices on Friday dropped by 160 to 33,170 per 10 gram at the bullion market mainly because of tepid demand from jewellers amid weak global trend, Press Trust of India reported.

Silver also slumped by 625 to 37,625 per kg on the reduced offtake by industrial units and coin makers.

Traders said sentiment remained bearish on the back of a weak trend overseas, while easing demand from local jewellers also weighed on bullion prices.

In Delhi, gold of 99.9% and 99.5% purity dropped by 160 each to 33,170 and 33,000 per 10 gram, respectively.

Silver ready also dropped by 625 to 37,625 per kg, while weekly-based delivery plunged 702 to 36,822 per kg.

Silver coins held flat at 80,000 for buying and 81,000 for selling of 100 pieces.

On the global front spot gold may break a support at $1,283 per ounce, and fall towards the next support at $1,264, according to Reuters technical analyst Wang Tao.

"On one end, gold has support from prevailing uncertainties in the financial markets relating to the trade talks and concerns over growth outlook. At the same time, the dollar is expected to stay strong for at least the next two weeks," said Julius Baer analyst Carsten Menke.

*With Agency Inputs

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