Gold, silver remain weak on global cues, muted demand

Friday, Jul 8, 2016,15:34 IST By Metrovaartha A A A

New Delhi | Gold drifted further lower by Rs 50 to Rs 30,850 per ten grams at the bullion market today, tracking a weak trend overseas amid slackened demand from jewellers at domestic spot market. Silver also dropped below Rs 46,000-mark by falling Rs 600 to Rs 45,500 per kg on poor offtake by industrial units and coin makers.

Bullion traders said sentiment remained subdued largely in tune with a weakening global trend where the yellow metal dropped as investors turned their focus to a US jobs report, to be released later in the day that will shed light on the health of the labor market in the world’s top economy.

Globally, gold fell 0.4 per cent to USD 1,354.69 an ounce in Singapore. Besides, jewellers as well as retailers demand dried up to some extent at domestic spot market at current levels, also weighed on prices. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 30,850 and Rs 30,700 per ten grams, respectively.

The precious metals had lost Rs 150 yesterday. Sovereign followed suit and weakened by Rs 100 to Rs 23,400 per piece of eight grams. Following gold, silver ready fell Rs 600 to Rs 45,500 per kg and weekly-based delivery cracked below Rs 47,000-mark by plunging Rs 1,075 to Rs 46,765. Silver coins, too nosedived by Rs 4,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.