Gold price falls on weak global cues, low demand
Mumbai-India (Aug 16) Gold prices fell further by Rs 100 to Rs 28,700 per ten gram in the national capital on Saturday, largely in tandem with a weak global trend amidst subdued demand from jewellers.
Silver also dropped by Rs 425 to Rs 43,525 per kg on reduced offtake by industrial units and coin makers.
Traders said apart from weak global trend on signs of waning investor demand from the US to China, fall in demand from jewellers and retailers mainly kept pressure on gold prices.
Gold in New York, which normally sets price trend on the domestic front, fell 0.7 per cent to $1,306.20 an ounce, the biggest drop since July 31 and silver by 1.9 per cent to $19.52 an ounce, the biggest drop since August 5.
In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 28,700 and Rs 28,500 per ten gram, respectively. It had shed Rs 20 on Thursday's trade.
Sovereign, however, remained steady at Rs 24,800 per piece of 8 gram.
In a similar fashion, silver ready dropped by Rs 425 to Rs 43,525 per kg and weekly-based delivery by Rs 55 to Rs 43,260 per kg. The white metal had lost Rs 350 in Thursday's trade.
On the other hand, silver coins, held steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.