Gold prices fall Rs105 on global cues, weak demand

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New Delhi: Gold prices drifted lower by Rs105 to Rs32,370 per 10 grams at the bullion market on Saturday, halting its four-day rising streak on the back of weak global cues amid easing demand from local jewellers at prevailing higher levels.

Silver prices followed suit and dropped by Rs350 to Rs41,200 per kg backed by reduced offtake by industrial units and coin makers.

Traders said, besides weak trend overseas, as strength in dollar against other currencies overseas eroded the appeal of the precious metal as a safe-haven investment, fall in demand from local jewellers and retailers at existing higher levels at domestic spot market weighed on the prices.

Gold prices fell 0.22% to $1,301.20 an ounce and silver by 0.99% to $16.47 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs105 each to Rs32,370 and Rs32,220 per 10 grams, respectively. The precious metals had gained Rs600 in the previous four sessions. Sovereign gold, however, remained unaltered at Rs24,800 per piece of eight grams in limited deals.

Following gold, silver ready plunged by Rs350 to Rs41,200 per kg and weekly-based delivery by Rs495 to Rs40,265 per kg. Silver coins, however, were unaltered at Rs76,000 for buying and Rs77,000 for selling of 100 pieces.

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