Gold price falls to Rs 30,750 on weak demand

October 11, 2017

New Delhi-India (Oc 11)  Gold prices fell marginally by Rs 15 to Rs 30,750 per 10 grams today due to muted demand from local jewellers at prevailing levels coupled with subdued global trend.

Silver prices, however, maintained an upward trend and recaptured the Rs 41,000-mark by gaining Rs 75 to Rs 41,065 per kg due to increased offtake by industrial units and coin makers.

Marketmen said fall in demand from local jewellers and retailers at existing higher levels at the domestic spot market and a weak trend overseas led to the decline in gold prices.

Globally, gold fell 0.02 per cent to $1,287.10 an ounce in Singapore.

Besides, gold prices were also influenced by a weak trend overseas as investors awaited the release of the US Federal Reserve’s minutes from its September meeting for clues on further interest rate hikes this year.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 15 each to Rs 30,750 and Rs 30,600 per ten grams, respectively. The precious metal had gained Rs 390 in the previous four days. Sovereign, however, remained steady at Rs 24,700 per piece of eight grams.

On the other hand, silver ready advanced by Rs 75 to Rs 41,065 per kg and weekly-based delivery traded higher by a similar margin to Rs 40,265 per kg. Silver coins continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.


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