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Gold down on weak global cues, low demand

Press Trust of India  |  New Delhi 

Gold fell by Rs 50 to Rs 30,850 per 10 gram at the bullion market today on weak cues from overseas markets and fall in demand from local jewellers at domestic spot market.

Silver followed suit and eased by Rs 200 to Rs 41,400 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas, shrugging off North Korea's latest missile launch over with strong US data raising hopes of another hike, mainly kept gold prices lower.

Besides, fading demand from local jewellers and retailers at domestic spot markets due to ongoing inauspicious fortnight of "Sharadh", too weighed on the prices, they added.

Globally, gold fell 0.74 per cent to USD 1,319.20 an ounce and silver by 1.27 per cent to USD 17.54 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined further by Rs 50 each to Rs 30,850 and Rs 30,700 per 10 gram respectively. It lost Rs 100 yesterday.

Sovereign, however, remained flat at Rs 24,700 per piece of eight gram.

Tracking gold, silver ready fell by Rs 200 to Rs 41,400 per kg while weekly-based delivery lost Rs 305 to Rs 40,815 per kg.

On the other hand, silver coins remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, September 16 2017. 15:42 IST