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Gold, silver turn weak on fall in demand, global cues

New Delhi: After four sessions of gains, gold prices plunged by Rs 195 to Rs 29,600 per 10 grams at the bullion market today on easing demand from local jewellers at prevailing levels and weak global cues. Silver followed suit and fell by Rs 150 to 40,750 per kg on reduced offtake by industrial units and coin makers.

Traders said, weak trend overseas as investors remained cautious ahead of testimony by former FBI Director James Comey, Britain’s general election and a European Central Bank policy decision, mainly dampened sentiment.

Globally, gold fell 0.10 per cent to USD 1,285.50 an ounce in Singapore. Besides, decline in demand from local jewellers and retailers at existing higher levels in domestic spot market, fuelled the down trend in the precious metals’ prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs 195 each to Rs 29,600 and Rs 29,450 per 10 grams, respectively. It had gained Rs 545 in the previous four sessions. Sovereign, however, held steady at Rs 24,500 per piece of eight grams.

Tracking gold, silver ready declined by Rs 150 to Rs 40,750 per kg and weekly-based delivery by Rs 120 to Rs 40,575 per kg. Silver coins, however, held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

PTI