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Gold slides on weak global cues, muted demand

Author: PTI/Thursday, April 5, 2018/Categories: Gold

Gold slides on weak global cues, muted demand

New Delhi, April 5 - Gold prices went down by Rs 60 to Rs 31,550 per 10 grams at the bullion market today, tracking a weak trend overseas amid subdued demand from local jewellers.

Silver also slumped below the Rs 39,000-mark by plunging Rs 425 to Rs 38,975 per kg due to reduced offtake by industrial units and coin makers.

Traders said, apart from a weak trend in the global markets as a stronger dollar and rebound in equities eroded demand for the safe-haven, muted demand from local jewellers at the domestic spot mainly led to the decline in gold prices.

Globally, gold price fell by 0.56% to USD 1,325.40 an ounce and silver by 0.55% to USD 16.20 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs 60 each to Rs 31,550 and Rs 31,400 per 10 grams, respectively.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.

Following gold, silver ready tumbled by Rs 425 to Rs 38,975 per kg and weekly-based delivery by Rs 435 to Rs 38,125 per kg.

On the other hand, silver coins maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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rajyashree guha

PTI

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