Gold prices fall by Rs 50 on low demand

Mumbai-India (Mar 23)  Gold prices today fell by Rs 50 to Rs 26,450 per 10 gram at the bullion market due to subdued demand from jewellers and retailers amid a weak global trend.

Silver also traded lower by Rs 400 at Rs 37,600 per kg on reduced offtake by industrial units and coin makers.

Traders said that apart from easing demand from jewellers and retailers at existing levels, fall in the precious metal prices overseas mainly kept pressure on prices.

Besides, appreciating rupee against the US dollar at the forex market making imports cheaper also influenced the sentiment to some extent, they said.

Globally, gold traded lower at USD 1,182.30 an ounce and silver fell by 0.21 per cent to USD 16.69 an ounce in Singapore.

Meanwhile, the rupee strengthened by 15 paise to 62.31 per dollar (intra-day).

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 26,450 and Rs 26,300 per 10 gm, respectively. It had gained Rs 185 in yesterday’s trade.

Sovereign, however, continued to traded at last level of Rs 23,600 per piece of eight gm on lack of buying support.

In a similar fashion, silver ready fell by Rs 400 to Rs 37,600 per kg and weekly-based delivery by Rs 360 to Rs 37,420 per kg.

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

Source: FinancialPress