Gold price softens on muted demand; silver slips below Rs. 43K level

New Delhi-India (April 17)  Gold prices eased Rs. 50 to Rs. 29,900 per 10 grams today owing to slack demand from local jewellers even as the metal strengthened overseas.

Silver followed suit and slipped below the Rs. 43,000-mark by falling Rs. 50 to Rs. 42,950 per kg due to lower offtake.

Traders said sluggishness in demand from local jewellers and retailers mainly kept up pressure on precious metal prices, but a firm trend overseas as geopolitical tensions drove the flight to safety, capped the fall.

Globally, gold rose 0.07 per cent to $1,288.70 an ounce and silver by 0.22 per cent to $18.56 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slid Rs. 50 each at Rs. 29,900 and Rs. 29,750 per 10 grams, respectively.

Sovereign, however, remained flat at Rs. 24,500 per piece of eight grams.

Silver ready too moved lower by Rs. 50 to Rs. 42,950 per kg, while weekly-based delivery edged up by Rs. 10 to Rs. 42,580 per kg.

Silver coins, however, continued to be traded at the previous level of Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

Source: BusinessLLine