Gold softens on muted demand, silver too falls

New Delhi: Gold prices on Saturday weakened by Rs 50 to Rs 30,750 per ten grams in the bullion market. The slackened demand from jewellers at prevailing levels, even as the metal strengthened overseas. Silver also fell by Rs 200 to Rs 46,500 per kg on reduced offtake by industrial units and coin makers.

Traders attributed the fall in gold to easing demand from jewellers as well as retailers at existing levels at domestic spot market, but a better trend overseas restricted the rise. However, an upward trend remained unabated in gold prices for yet another week at the bullion market.

During the week, gold ended on higher note by Rs 50 to Rs 30,750 per 10 gram on increased buying by jewellers to meet pick up in demand from retailers even as metal retreated in the global market. Silver followed suit and recorded further gains on increased offtake by industrial units and coin makers.Bullion traders said pick up in demand for the jewellery in view of wedding season mainly attributed rise in the precious metal prices.

However, during the week, gold ended on higher note by Rs 50 to Rs 30,750 per 10 gram on increased buying by jewellers to meet pick up in demand from retailers even as metal retreated in the global market. Silver followed suit and recorded further gains on increased offtake by industrial units and coin makers.

Globally, gold traded higher by 0.19 per cent to $1,337.10 an ounce in New York in Friday’s trade. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 30,750 and Rs 30,600 per ten grams, respectively. It had gained Rs 150 yesterday.

Sovereign, however, remained flat at Rs 23,400 per piece of eight grams. Tracking gold, silver ready moved down Rs 200 to Rs 46,500 per kg and weekly-based delivery by Rs 275 to Rs 47,275. On the other hand, silver coins, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Source: PTI