Gold losses mount, silver takes a knock too

NEW DELHI: Gold prices suffered more losses falling by Rs 50 to Rs 27,850 per 10 grams at the bullion market today, tracking a weak trend overseas amid sluggish demand from jewellers at the domestic market.

Silver too cracked below the Rs 40,000-mark by falling Rs 1,000 to Rs 39,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, drop in demand from jewellers and retailers at the domestic spot market in view of the prevailing cash crunch after the currency recall last month to flush out black money put pressure on the prices.

Globally, gold fell 0.47 per cent to USD 1,132.30 an ounce and silver by 0.91 per cent to USD 15.81 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 50 each to Rs 27,850 and Rs 27,700 per 10 grams, respectively. The precious metal had shed Rs 30 in yesterday's trade.

Sovereign, however, remained unaltered at Rs 24,000 per piece of eight grams in limited deals.

Following gold, silver ready plunged by Rs 1,000 to Rs 39,000 per kg and weekly-based delivery by Rs 555 to Rs 39,045 per kg.

On the other hand, silver coins held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

 

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PTI