Gold Sinks On Muted Demand, Weak Global Cues
New Delhi, Nov 1 (PTI) Gold prices fell by Rs 105 to Rs 30,275 per ten gram at the bullion market today owing to slackened demand from local jewelers amid a weak trend overseas. Silver followed suit and tumbled by Rs 250 to Rs 40,000 per kg due to reduced offtake by industrial units and coin makers.
Traders said easing demand from local jewelers and retailers at domestic spot market following the end of the festive season mainly weighed on the prices. Besides, a weak trend overseas added to the downtrend.
Globally, gold fell 0.44 per cent to USD 1,270.70 an ounce and silver by 0.83 per cent to USD 16.69 an ounce in New York in yesterday's trade. Diversion of funds towards soaring equity markets also dampened the sentiment, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 105 each to Rs 30,275 and Rs 30,125 per ten gram, respectively. It had gained Rs 105 yesterday. Sovereign, however, was steady at Rs 24,700 per piece of eight gram.
On the other hand, silver ready declined by Rs 250 to Rs 40,000 per kg and weekly-based delivery by Rs 125 to Rs 39,170 per kg. Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
