Gold Remains Weak on Sluggish Demand, Global Cues

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Gold prices declined further by Rs50 to Rs27,000 per ten gram in Delhi bullion market on Friday owing to easing demand from jewellers and retailers amid a weak global trend.

Traders said besides falling demand from ornament makers, a weak global trend mainly kept pressure on gold prices. Shifting of funds towards surging equity market also dampened the sentiment to some extent, they added.

Gold Remains Weak on Sluggish Demand, Global Cues

Gold in Singapore, which determines price trend on the domestic market, fell by 0.33% to $1,205.20 an ounce.

In the national capital, gold of 99.9 and 99.5% purity were down by Rs50 each to Rs27,000 and Rs26,800 per ten gram respectively.

It had shed Rs20 on Friday. Sovereign, however, enquired at previous level of Rs23,650 per piece of eight gram.

Similarly, silver ready moved down by Rs100 to Rs37,200 per kg and weekly-based delivery by Rs205 to Rs36,595 per kg.

On the other hand, silver coins continued to be asked at last level of Rs59,000 for buying and Rs60,000 for selling of 100 pieces.


Read more about: gold, silver
Story first published: Friday, February 27, 2015, 16:32 [IST]
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