Amid weak global sentiments and lacklustre demand in the domestic markets, gold continues its losing streak for the fourth consecutive day. At the bullion market on Saturday, gold further scaled down in price by Rs. 180 to Rs 32,070 for 10 grams.
As per traders in the market, the price of gold is falling due to substantial decrease in its demand from local jewelers plus the recent surge in the US dollar value against a basket of currencies after the US Federal Reserve held key rates steady is weighing on the appeal of gold as a safe haven investment.
Internationally too gold lost in price and ended at USD 1210.40 per ounce while silver ended at USD 14.25 per ounce on Friday in New York.
In the last 3 days, the precious yellow metal gold in the domestic market has declined in price by as much as Rs. 440.
The price of gold of 99.9% and 99.5% purity fell by Rs. 180 each to Rs 32,070 and Rs 31,920 per 10 grams, respectively in the Delhi/NCR region.
In line silver also reduced in price by as much as Rs. 400 to Rs. 38,000 per kg due to decreased offtake by coin manufacturers and industrial units. Silver with weekly-based delivery also plunged to Rs 36,880 per kg, recording a drop of Rs. 690.