Gold falls on weak overseas cues, low demand

NEW DELHI: Gold prices drifted further lower by Rs 95 to Rs 31,115 per 10 grams at the bullion market today, extending its fall for the fourth straight day, tracking a weak global trend amid fall in demand from local jewellers.

However, silver held steady at Rs 40,030 per kg in scattered deals.

Traders said sentiment remained bearish on the back of subdued global trend, as the dollar extended gains from the previous session when US inflation data and trade war concerns boosted demand for the greenback.

Globally, gold fell 0.47 per cent to USD 1,241.10 an ounce and silver 0.66 per cent at USD 16.82 an ounce in Singapore.

Besides, fall in demand from local jewellers as well as retailers at the domestic spot market too weighed on prices.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 95 each to Rs 31,115 an Rs 30,965 per 10 grams, respectively. It had lost Rs 440 in last three days.

Sovereign gold also slipped by Rs 100 to Rs 24,700 per piece of eight grams.

On the other hand, silver ready ended flat at Rs 40,030 per kg, while weekly-based delivery edged up by Rs 35 to Rs 39,265 per kg.

Silver coins, however, lacked necessary buying supports and plunged by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

 

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PTI