Gold Price falls for third day on low demand

Mumbai-India (May 4)  Falling for the third consecutive day, gold prices eased further by Rs 30 to trade at Rs 27,000 per 10 gm at the bullion market on Monday owing to easing demand from jewellers and retailers even as the precious metal strengthened overseas.

Silver, also met with resistance and dropped by Rs 310 to Rs 36,900 per kg.

Bullion traders said slackened demand from jewellers and retailers at prevailing higher levels mainly kept gold prices lower.

They said, however, a firm global trend as investors gauged the outlook for higher US interest rates before the monthly jobs data later this week, restricted the fall.

Globally, gold rose 0.5 per cent to USD 1,184.82 an ounce and silver jumped 1.1 per cent to USD 16.33 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs 30 each to Rs 27,000 and Rs 26,850 per ten gram, respectively. It had lost Rs 445 in last two sessions.

Sovereign, however, held steady at Rs 23,700 per piece of eight gram.

Silver ready fell by Rs 310 to Rs 36,900 per kg, while weekly-based delivery ruled steady at Rs 36,540 per kg on lack of speculators buying support.

Silver coins dropped by Rs 1,000 to Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

Source: The Hindu