Gold falls ₹ 100 on subdued jewellers’ buying

June 17, 2019

Mumbai-India (June 17)  Gold prices on Monday fell by ₹ 100 to ₹ 33,620 per 10 gram in the national capital due to subdued demand from local jewellers and a weak trend overseas, according to the All India Sarafa Association. Silver prices also dropped by ₹ 10 to ₹ 38,090 per kg owing to reduced offtake by industrial units and coin makers.

Globally, spot gold was trading lower at USD 1,333.90 per ounce, while silver was down at USD 14.85 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by ₹ 100 each to ₹ 33,620 and ₹ 33,450 per 10 gm, respectively. The gold price had on Saturday fallen by ₹ 150 at ₹ 33,720 per 10 gram.

Traders attributed the decline in gold prices to fall in demand from local jewellers and a weak global trend. Sovereign gold, however, remained flat at Rs 26,800 per eight gram as compared with the previous close.

Silver ready fell by Rs 10 to Rs 38,090 per kg, whereas, weekly-based delivery rose by Rs 81 to Rs 37,116 per kg. Silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.


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