Gold continues slide on muted demand, global cues

NEW DELHI: Gold prices slipped by Rs 75 to Rs 31,875 per 10 grams at the bullion market today on easing demand from local jewellers amid weak trend overseas.

Silver cracked below the Rs 41,000-mark by falling Rs 440 to Rs 40,760 per kg due to reduced offtake by industrial units and coin makers.

Traders said sentiment remained downbeat due to fall in demand from local jewellers and a weak trend overseas, as the dollar rose, reducing the precious metals' safe-haven appeal after China and the US struck a deal to avert a trade war.

Globally, gold fell 0.74 per cent to USD 1,282.30 an ounce and silver by 0.94 per cent to USD 16.27 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 75 each to Rs 31,875 and Rs 31,725 per 10 grams respectively. The yellow metal had lost Rs 40 in Saturday's trade.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.

In sync with gold, silver ready dropped by Rs 440 to Rs 40,760 per kg and weekly-based delivery by Rs 250 to Rs 39,945 per kg.

On the other hand, silver coins continued to be traded at the last level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

 

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PTI