Gold prices continue to drop despite positive global cues
Downward movement of gold continued for the fourth straight day as prices dropped by Rs. 50 to Rs. 34,000 per 10 grams at the bullion market today owing to slackened demand from local jewelers, despite positive global cues. Similarly, silver shed Rs. 150 to Rs. 40,650 per kg owing to reduced offtake by industrial units and coin makers. Globally, gold was trading 0.18% higher.
Globally, gold stood at $1,309.20 an ounce and silver traded higher by 0.52% to $15.71 an ounce in New York. In the national capital, gold of 99.9% and 99.5% purities drifted lower by Rs. 50 each to Rs. 34,000 and Rs. 33,850 per 10 grams, respectively. The precious metal had lost Rs. 230 in the previous three days.
Sovereign gold also weakened by Rs. 100 to Rs. 26,000 per piece of eight grams. Tracking gold, silver ready declined by Rs. 150 to Rs. 40,650 per kg, while weekly-based delivery fell by Rs. 134 to Rs. 39,490 per kg. On the other hand, silver coins continued to be traded at Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.