Gold slips to Rs 30,950 on global cues, fall in demand

Gold slips to Rs 30,950 on global cues, fall in demand
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New Delhi: Gold fell by Rs 150 to Rs 30,950 per 10 gram at the bullion market on Thursday, tracking a weak trend overseas amid easing demand from local jewellers.

Silver too cracked below the Rs 40,000-mark by losing Rs 270 to Rs 39,800 per kg due to reduced offtake by industrial units and coin makers.

Bullion traders said easing demand from local jewellers pulled down the prices.

Besides, a weak trend overseas as the dollar edged further away from 3-year lows propped up by stronger-than- expected US economic data, led to the fall in the precious metal prices.

Globally, gold fell 0.85 per cent to USD 1,326.60 an ounce and silver by 1.19 per cent to USD 16.98 an ounce in New York on Wednesday.

Diversion of funds towards the record-breaking domestic equity markets too influenced the sentiment to some extent, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slipped by Rs 150 each to Rs 30,950 and Rs 30,800 per 10 gram, respectively.

The precious metal had gained Rs 625 in the previous six sessions. Sovereign however held steady at Rs 24,800 per piece of eight gram.

In step with gold, silver ready plunged by Rs 270 to Rs 39,800 per kg and weekly-based delivery by Rs 365 to Rs 38,960 per kg.

Silver coins however remained flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

PTI