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Gold falls Rs 105 on weak global cues

Monday, Oct 24, 2016,16:43 IST By metrovaartha A A A

New Delhi | Tracking a weak trend overseas, gold prices drifted lower by Rs 105 to Rs 30,415 per 10 grams in the bullion market on Monday.

However, some buying by jewellers to meet the ongoing ‘wedding and festive season demand’ in the domestic market capped the losses.

Silver also dipped below the Rs 43,000-mark by falling by Rs 200 to Rs 42,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas where gold declined, weighed down by the dollar’s strength.

They said investors expect the US Federal Reserve to hike interest rates by the end of the year, eroding demand for a haven, mainly kept pressure on gold.

Globally, gold fell by 0.06 per cent to USD 1,265 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 105 each to Rs 30,415 and Rs 30,265 per 10 grams, respectively. The precious metal had gained Rs 120 in Saturday’s trade.

Sovereign, however, held steady at Rs 24,400 per piece of eight grams in limited deals.

In a similar fashion, silver ready moved down by Rs 200 to Rs 42,800 per kg and weekly-based delivery by Rs 355 to Rs 42,145 per kg.

Silver coins, however, ruled flat at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

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