Gold price falls to Rs. 29,250 on slack demand from jewellers

Mumbai-India (June 14)  Gold prices declined by Rs. 70 to Rs. 29,250 per 10 grams at the bullion market today owing to slack demand from local jewellers even as the yellow metal strengthened overseas.

Silver continued to remain weak and eased further by Rs. 50 to Rs. 39,100 per kg due to reduced offtake from industrial units and coin makers.

Traders said that a fall in demand from local jewellers and retailers at the domestic spot market mainly led to the decline in gold prices, but a better trend overseas capped the fall.

Globally, gold rose 0.07 per cent to $1,267.00 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs. 70 each at Rs. 29,250 and Rs. 29,100 per 10 grams, respectively. It had gained Rs. 20 in yesterday’s trade.

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

Silver ready drifted lower by Rs. 50 to Rs. 39,100 per kg, while weekly-based delivery went down by Rs. 15 to Rs. 38,950 per kg.

On the other hand, silver coins remained unaltered at Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

 

Source: BusinessLine