Gold, silver stay shaky on global cues, soft demand

Tuesday, Jun 7, 2016,15:08 IST By Metrovaartha A A A

New Delhi | Falling for the second straight day, gold prices today eased by another Rs 10 to Rs 29,030 per 10 grams, in line with a weak trend overseas amid muted demand from jewellers and customers at the domestic spot market.

Silver followed suit and drifted lower by Rs 50 to Rs 39,150 per kg due to reduced off-take by industrial units and coin makers. Bullion traders said that besides the weak trend overseas, easing demand from jewellers and customers at the domestic spot market kept pressure on the prices of the precious metals. Globally, gold fell by 0.14 per cent to USD 1,243 an ounce and silver by 0.46 per cent to USD 16.36 an ounce in Singapore.

The rupee strengthening by 25 paise against the dollar to 66.72 (intra-day), thus making imports of precious metals cheaper, dampened sentiment to some extent. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 10 each to Rs 29,030 and Rs 28,880 per 10 grams, respectively.

The precious metal had lost Rs 185 yesterday. Sovereign, however, remained held steady at Rs 22,900 per piece of eight grams in limited deals.

Following gold, silver ready fell by Rs 50 to Rs 39,150 per kg and weekly-based delivery by Rs 115 to Rs 39,040 per kg. On the other hand, silver coins continued to be traded at the previous level of Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.

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