Gold falls by Rs 190 over global cues, weak demand as 'shradh' kicks off

Gold prices fell further by Rs 190 to Rs 30,360 per 10 grams at the bullion market on Thursday, tracking a weak trend overseas amid tepid demand from local jewellers following beginning of inauspicious fortnight of 'Shradh'.

Silver also slipped below the Rs 42,000-mark by falling Rs 100 to Rs 41,900 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, fading demand from jewellers as well as retailers at domestic spot market following beginning of inauspicious fortnight of 'Shradh', mainly led to the decline in gold prices.

Globally, gold prices fell 0.44 per cent to $1,333.50 an ounce in New York in Wednesday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 190 each to Rs 30,360 and Rs 30,210 per 10 grams, respectively. The precious metal had shed Rs 50 on Wednesday.

Sovereign, however, remained unaltered at Rs 24,600 per piece of eight grams.

Following gold, silver ready declined by Rs 100 to Rs 41,900 per kg and weekly-based delivery by Rs 310 to Rs 41,190 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.