Gold prices soften on lacklustre demand, global cues
Gold prices continued decline for the fourth straight day, falling by Rs 180 to Rs 32,070 per 10 grams at the bullion market Saturday on easing demand from local jewellers amid a weakening trend overseas. Silver too lost Rs 400 at Rs 38,000 per kg on reduced offtake by industrial units and coin makers.
Traders said gold prices took a hit owing to considerable fall in demand from local jewellers coupled with a weak trend overseas as the firmer dollar eroded appeal of the precious metal as a safe haven investment.
In the international market, gold ended lower at USD 1,210.40 an ounce and silver at USD 14.25 an ounce in New York on Friday.
In the national capital gold of 99.9 per cent 99.5 per cent purity plunged by Rs 180 each to Rs 32,070 and Rs 31,920 per 10 grams, respectively. The precious metal had lost Rs 440 in the previous three days.
Sovereign, however, remained unaltered at Rs 24,700 per piece of 8 gram in limited deals.
In sync with gold, silver ready fell by Rs 400 to Rs 38,000 per kg and weekly-based delivery dropped by Rs 690 to Rs 36,880 per kg. Silver coins, however, maintained at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.