Gold prices fall by Rs. 300 on weak global-cues, low-demand
(Sourced from PTI)
Gold prices dived by Rs. 300 to Rs. 31,600 per ten grams, extending their slide for the third straight day at the bullion market today, tracking a weak trend overseas amid fall in demand from local jewelers. Meanwhile, silver also fell further by Rs. 100 to Rs. 40,500 per kg due to reduced off-take by industrial units and coin makers.
Traders said sentiment remained downbeat on the back of a weak global trend where gold fell after stronger-than-forecast US payrolls data boosted expectations that Federal Reserve may press ahead with another US interest rate hike this month, lifting the US Dollar. Globally, gold fell 0.37% to $1,293.10 an ounce and silver 0.06% to$ 16.38 an ounce in New York in yesterday's trade.
Traders said fading demand from local jewelers and retailers at domestic spot market too fuelled the downtrend. In Delhi, gold of 99.9% and 99.5% purity slumped further by Rs. 300 each to Rs. 31,600 and Rs. 31,450 per ten grams, respectively. The precious metal had lost Rs. 190 in last two days. Sovereign, however, remained unaltered at Rs. 24,800 per piece of eight grams.
In sync with gold, silver ready declined Rs. 100 to Rs. 40,500 per kg and weekly-based delivery by Rs. 145 to Rs. 39,535 per kg. Silver coins continued to trade at the previous-level, Rs. 76,000, for buying and Rs. 77,000 for selling of 100 pieces.