Gold price falls to Rs. 29,250; silver slumps below 40K-mark

New Delhi-India (June 2)  Gold prices were down by Rs. 100 at Rs. 29,250 per 10 grams at the bullion market today due to a weak trend overseas amid slackened demand from local jewellers.

Silver also followed suit and slumped below the Rs. 40,000-mark by plunging Rs. 850 to Rs. 39,300 per kg on poor offtake by industrial units and coin makers.

Marketmen said apart from a weak trend overseas as the dollar firmed up on upbeat US private sector jobs numbers, drop in demand from local jewellers at the domestic spot market mainly led to the fall in gold prices.

Globally, gold fell 0.29 per cent to $1,261.70 an ounce and silver by 0.35 per cent to $17.21 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs. 100 each to Rs. 29,250 and Rs. 29,100 per 10 grams, respectively. The precious metal had gained Rs. 250 in yesterday’s trade.

Sovereign, however, remained flat at Rs. 24,400 per piece of eight grams.

Following gold, silver ready dropped by Rs. 850 to Rs. 39,300 per kg and weekly-based delivery by Rs. 735 to Rs. 39,200 per kg.

Silver coins, however, remained unaltered at Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

Source: BusinessLine