Gold stays shaky on global cues, low demand

Thursday, Jun 23, 2016,15:49 IST By Metrovaartha A A A

New Delhi | Falling for the second straight day, gold prices shed Rs 30 to Rs 29,670 per 10 grams in tandem with a weak trend overseas amid a tepid demand from jewellers at the domestic spot market.

However, silver recovered by Rs 170 to settle at Rs 41,300 per kg on scattered buying support from industrial units. Traders said sentiment remained bearish largely on a weak trend in the global markets where gold dropped for a fourth straight day as Britain headed for a referendum on EU membership.

Besides, a muted demand from jewellers and customers at the domestic spot market kept pressure on the precious metals. Globally, gold fell 0.06 per cent to USD 1,265.20 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 30 each to Rs 29,670 and Rs 29,520 per 10 grams, respectively. The precious metal had shed Rs 50 yesterday.

Sovereign, however, remained steady at Rs 23,100 per piece of eight grams in scattered deals. On the other hand, silver ready recovered by Rs 170 to Rs 41,300 per kg and weekly-based delivery by Rs 50 to Rs 41,200 per kg. Silver coins, however, remained unaltered at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.