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Gold demand falls as price slips from 21-month high on global cues

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New Delhi : Prices of gold witnessed a 21-month high by plunging Rs. 600 to Rs. 29,050 per ten grams at the bullion market today on weak cues from overseas markets amid fall in demand from jewellers at existing levels.

The yellow metal snapped its biggest eleven-day rising streak this year.

On the other hand, silver too shed Rs. 50 at Rs. 37,800 per kg on reduced off-take by industrial units and coin makers.

According to traders, a weak global trend, fall in demand from jewellers and retailers at prevailing higher levels at domestic spot market, are mainly the key reasons for the dragged gold prices.

Globally, the yellow metal fell by 0.68 percent to USD 1,237.90 an ounce and silver by 0.03 per cent to USD 15.75 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5 percent purity tumbled by Rs. 600 each to Rs. 29,050 and Rs. 28,900 per ten grams respectively.

In line with the overall trend, silver eased by Rs. 50 to 37,800 per kg and weekly-based delivery slipped below the Rs. 38,000-mark by falling Rs. 160 to Rs. 37,985 per kg.

On the other hand, silver coins held steady at Rs. 54,000 for buying and Rs. 55,000 for selling of 100 pieces. (ANI)

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