Gold price falls to Rs. 29,700; silver recaptures Rs. 40,000-mark

New Delhi-India (Aug 23)  Gold prices drifted lower by another Rs. 100 to Rs. 29,700 per 10 grams at the bullion market today on tepid demand from local jewellers and a weak trend overseas.

Silver, however, recaptured the Rs. 40,000-mark on scattered enquiries from consuming industries.

Traders said the domestic sentiment was subdued due to tepid demand from jewellers and weak global cues as the US dollar strengthened against a basket of major currencies ahead of an annual meeting of central bankers this week.

Globally, gold prices fell 0.53 per cent to $1,284.40 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs. 100 each to Rs. 29,700 and Rs. 29,550 per 10 grams, respectively. The precious metal had lost Rs. 150 yesterday. Sovereign, however, remained unaltered at Rs. 24,500 per piece of eight grams.

On the other hand, silver ready recovered by Rs. 100 to Rs. 40,000 per kg and weekly-based delivery by Rs. 125 to Rs. 39,020 per kg. However, silver coins continued to be traded at previous level of Rs. 73,000 for buying nd Rs. 74,000 for selling of 100 pieces.

BusinessLine