Gold price falls to Rs. 30,450 on weak global cues, muted spot demand

New Delhi-India (Oct 23)  Falling for the third straight day, gold prices declined further by Rs. 200 to Rs. 30,450 per 10 grams at the bullion market today due to easing demand from local jewellers and weakness in global markets.

However, silver strengthened by Rs. 50 to Rs. 40,900 per kg owing to demand from industrial units and coin makers.

Traders said a weak trend overseas, where gold declined due to strengthening of dollar, weighed on gold prices here.Globally, gold fell 0.41 per cent to $1,274.80 an ounce in Singapore.

Besides, they said, end of festive season demand from local jewellers and retailers at the domestic spot market dampened the buying sentiment.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs. 200 each to Rs. 30,450 and Rs. 30,300 per 10 grams, respectively. The precious metal had lost Rs. 350 in the previous two sessions. Sovereign, however, remained unaltered at Rs. 24,700 per piece of eight grams.

On the other hand, silver ready advanced by Rs. 50 to Rs. 40,900 per kg and weekly-based delivery recaptured the Rs. 40,000-mark by rising Rs. 835 to Rs. 40,710 per kg on speculative buying. Silver coins, however, remained flat at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine

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