Gold prices hit a soft patch on global headwinds, muted demand

Mumbai-India (Jun 20)  Gold prices declined by Rs 150 to Rs 29,650 per 10 grams today, mirroring a lifeless trend overseas amid slack demand from jewellers at prevailing higher levels.

Silver also fell Rs 160 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.

Sentiment took a knock on subdued global trend where gold fell the most in almost a month as a poll showed that Britain may stay on in the European Union, hurting demand for safe haven investments, traders said.

Also Read:Gold prices declines on reduced demand, silver rallies

Globally, gold lost 1.4 per cent to USD 1,280.47 an ounce, the biggest intra-day drop since May 24 in Singapore, and silver traded 0.8 per cent lower at USD 17.36 an ounce.

Besides, demand from jewellers and retailers at the domestic spot market at current levels cooled, which too dented prices.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 150 each to Rs 29,650 and Rs 29,500 per 10 grams, respectively.

The precious metal had gained Rs 150 in Saturday’s trade.

Sovereign softened by Rs 100 to Rs 23,100 per eight grams.

Tracking gold, silver eased by Rs 160 to Rs 41,200 per kg while weekly-based delivery traded higher by Rs 125 to Rs 41,375 per kg on speculators’ buying.

Silver coins, however, remained unaltered at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

Source: TheFinancialExpress