Gold, silver slide on weak global cues, muted demand

Friday, Jul 29, 2016,15:24 IST By Metrovaartha A A A

New Delhi | Gold prices slumped by Rs 100 to 30,800 per ten grams at the bullion market today, taking weak cues from global market amid slackened demand from jewellers and retailers at domestic spot market. Silver too weakened by Rs 450 to Rs 47,300 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides a weak trend overseas, fall in demand from jewellers and retailers at prevailing levels mainly led to decline in gold and silver prices. Globally, gold fell 0.28 per cent to USD 1,330.90 an ounce and silver by 0.62 per cent to USD 19.99 an ounce in Singapore. In the national capital, standard gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,800 and Rs 30,650 per ten grams respectively. It had climbed Rs 250 yesterday.

Sovereign followed suit and eased by Rs 100 to Rs 24,000 per piece of eight grams. Following gold, silver ready plunged by Rs 450 to Rs 47,300 per kg and weekly-based delivery cracked below Rs 47,000-mark by falling Rs 1,080 to Rs 46,800 per kg. Silver coins, however, held steady at Rs 76,000 for selling and Rs 77,000 for buying of 100 pieces.