Gold price declines to Rs 32,000 on weak global cues, muted demand

April 16, 2018

New Delhi-Ondia (Apr 16)  Gold prices declined by Rs 100 to Rs 32,000 per ten gram at the bullion market today, tracking a weak trend overseas amid easing demand from local jewellers.

Silver followed suit and shed Rs 100 to Rs 39,900 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, slowdown in buying by jewellers and retailers at prevailing levels at the domestic spot market dampened the sentiment.

Globally, gold fell 0.13 per cent to $1,343.79 an ounce and silver by 0.36 per cent to $16.57 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs 100 each to Rs 32,000 and Rs 31,850 per ten gram, respectively. The precious metal had gained Rs 300 in Saturday’s trade. Sovereign also slipped by Rs 100 to Rs 24,800 per piece of eight gram.

In step with gold, silver ready declined by Rs 100 to Rs 39,900 per kg, while weekly-based delivery edged up by Rs 25 to Rs 38,950 per kg. Silver coins fell by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.


Silver Phoenix Twitter                 Silver Phoenix on Facebook