Gold Slides on Low Demand, Global Cues

Posted By: Super
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    New Delhi, May 22 (PTI) Gold prices fell by Rs 50 to Rs 27,600 per 10 grams at the bullion market today due to slackened demand from jewellers and retailers amid a weak global trend.

    Silver also declined by Rs 180 to Rs 39,175 per kg on reduced offtake by industrial users and coin makers.

    Gold Slides on Low Demand, Global Cues

    Traders said easing demand from jewellers and retailers and a weakening global trend mainly kept pressure on gold prices. Check the gold rates in various cities here.

    Gold in New York, which normally sets price trend on the domestic front, fell 0.25 per cent to USD 1,206.80 an ounce in yesterday's trade. In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 50 each to Rs 27,600 and Rs 27,450 per 10 grams, respectively.

    The Sovereign, however, steadied at Rs 23,800 per piece of eight grams in limited deals.

    In line with a general weak trend, silver ready declined by Rs 180 to Rs 39,175 per kg, while weekly-based delivery advanced by Rs 95 to Rs 39,295 per kg on speculative buying.

    Silver coins plunged by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces on fall in demand. 

    PTI

    Read more about: gold silver
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