Gold price falls Rs 330 on muted jewellers’ demand amid weak trend overseas

February 22, 2019

Mumbai-India (Feb 22)  Gold prices Friday fell by Rs 330 to Rs 34,500 per 10 gram at the bullion market here, tracking a weak trend overseas amid subdued demand from local jewellers, according to the All India Sarafa Association. Silver also followed suit and weakened by Rs 300 to Rs 41,360 per kg, owing to reduced offtake by industrial units and coin makers.

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic markets. Globally, gold traded lower at USD 1,325.24 an ounce and silver was trading down at USD 15.80 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities declined by Rs 330 each to Rs 34,500 and Rs 34,350 per 10 gram, respectively. Sovereign gold, however, remained flat at Rs 26,600 per piece of 8 gram.

In tandem with gold, silver ready declined by Rs 300 to Rs 41,360 per kg and weekly-based delivery by Rs 343 to Rs 40,158 per kg. Similarly, silver coins due to weak demand declined by Rs 1,000 at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.


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