Gold Price drops below Rs 27,000 level on global cues, low demand

New Delhi-India (Apr 15)  Gold prices fell today by Rs 180 to trade at Rs 26,870 per 10 grams at the bullion market in the national capital on low demand from jewellers amid a weak global trend. Silver, too, declined by Rs 60 at Rs 36,800 per kg. Bullion traders attributed the fall in prices of the yellow metal to a weak global trend, where gold ruled below USD 1,200 an ounce, and subdued demand from jewellers and retailers.

Gold in Singapore, which normally sets price trend on the domestic front, traded a shade lower at USD 1,191.47 an ounce from USD 1,192.78. In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 180 each to Rs 26,870 and Rs 26,720 per 10 grams, respectively. It had lost Rs 70 on April 14.

The Sovereign, however, remained steady at Rs 23,600 per piece of eight grams. In line with an overall trend, silver ready declined by Rs 60 to Rs 36,800 per kg and weekly-based delivery by Rs 215 to Rs 36,345 per kg. Silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

Source: AsianAge