Gold prices extend losses, down Rs120 on lacklustre demand

In New Delhi, gold of 99.9% and 99.5% purity fell by another by Rs120 each to Rs30,830 and Rs30,680 per 10 grams, respectively. Photo: Mint

In New Delhi, gold of 99.9% and 99.5% purity fell by another by Rs120 each to Rs30,830 and Rs30,680 per 10 grams, respectively. Photo: Mint

New Delhi: Gold prices fell further by Rs120 to Rs30,830 per 10 grams at the local market on Friday owing to weak demand from jewellers despite a firm trend in overseas markets. Gold prices had dropped by Rs150 per 10 grams on Thursday.

On their hand, silver prices recovered by Rs50 to Rs39,850 per kg on scattered enquiries from industrial units and coin makers.

Traders said gold prices dropped due to a weak demand from local jewellers and retailers but a better trend overseas limited the slide. Trading volume remained thin due to diversion of funds by investors towards soaring equity markets, they said.

Globally, gold rate was up by 0.38% to $1,331.40 an ounce and silver by 0.59% to $17.03 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell by another by Rs120 each to Rs30,830 and Rs30,680 per 10 grams, respectively. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.

Silver ready recovered by Rs50 to Rs39,850 per kg and weekly-based delivery by Rs30 to Rs38,990 per kg. Silver coins continued to be traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

Print Friendly, PDF & Email

Leave a Reply