Financials News

Gold slips to Rs. 29,685 despite firm global cues

Gold slips to Rs. 29,685 despite firm global cues
Representational Photo

NEW DELHI: Gold prices softened by Rs. 15 to Rs. 29,685 per 10 gram at the bullion market today as demand from local jewellers eased even as the metal strengthened overseas. Silver followed suit and declined by Rs. 60 to Rs. 38,220 per kg due to reduced offtake by industrial units and coin makers.

Traders said muted demand from local jewellers and retailers at the domestic spot market, mainly weighed on gold prices but a better trend overseas capped the fall. Globally, gold edged up 0.12 per cent to $1,267.60 and silver by 0.34 per cent to $16.15 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity shed Rs. 15 each to Rs. 29,685 and Rs. 29,535 per ten gram respectively. It had gained Rs. 10 yesterday. Sovereign, however, remained unaltered at Rs. 24,500 per piece of eight gram.

Tracking gold, silver ready fell by Rs. 60 to Rs. 38,220 per kg and weekly-based delivery by Rs. 55 to Rs. 37,550 per kg. Silver coins, however, continued to be traded at previous level of Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces.

PTI