Gold weakens marginally on tepid demand

Gold weakens marginally on tepid demand
Representational Photo

New Delhi: Gold prices softened by Rs 15 to Rs 29,685 per 10 gram at the bullion market on Friday 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 USD 1,267.60 and silver by 0.34 per cent to USD 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 on Thursday.

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