Gold, Silver Prices Drop on Subdued Demand, Global Cues

Gold prices declined by Rs. 115 to Rs. 26,575 per 10 grams at the bullion market on Tuesday due to sluggish demand from jewellers amid a weakening trend overseas.

Silver prices fell sharply by Rs. 800 to Rs. 37,200 per kg on reduced off-take by industrial units and coin makers. Traders said apart from low demand from jewellers and retailers, a weakening global trend mainly kept precious metals under pressure.

Gold, Silver Prices Drop on Subdued Demand, Global Cues

Gold in Singapore, which normally sets price trend on the domestic front, traded $1,185.49 an ounce lower from Monday's $1,186.07 and silver was down by 0.2 per cent to $16.69 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs. 115 each to Rs. 26,575 and Rs. 26,425 per 10 grams, respectively.

Sovereign, however, remained steady at Rs. 23,700 per piece of eight grams. In line with overall trends, silver ready dropped by Rs. 800 to Rs. 37,200 per kg and weekly-based delivery fell by Rs. 820 to Rs. 37,170 per kg.

Silver coins also declined by Rs. 1,000 to Rs. 56,000 for buying and Rs. 57,000 for selling of 100 pieces.

PTI

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