Gold prices fall amid low demand, weak global cues
What's the story
Falling for the second straight day, gold prices drifted lower by Rs. 40 to Rs. 32,550/10g at the bullion market Saturday amid tepid demand from local jewelers and a weak trend overseas.
Silver, however, recovered by Rs. 100 to Rs. 39,600/kg on back of increased offtake by industrial units.
Globally, gold eased to $1,233.80 an ounce in New York on Friday.
Details
Retailers at domestic spot markets kept prices of gold lower
Traders said apart from a weak trend overseas, fall in demand from local jewelers and retailers at the domestic spot markets kept the prices of the precious metal lower.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs. 40 each to Rs. 32,550 and Rs. 32,400 per 10 grams respectively.
It had lost Rs. 35 on Friday.
Comeback of Silver
Silver made a comeback by rising Rs. 100 per kg
Sovereign gold also weakened by Rs. 100 to Rs. 24,700 per 8 grams.
On the other hand, silver ready has staged a comeback by rising Rs. 100 to Rs. 39,600 per kg, while silver weekly-based delivery fell by Rs. 50 to Rs. 38,710 per kg.
Silver coins, however, were unaltered at Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.