Gold price slips to Rs 30,620 on weak global cues, lower spot demand

New Delhi-India (Aug 23)  Gold slipped by Rs 30 to Rs 30,620 per 10 gram at the bullion market due to easing demand from local jewellers and a weak trend overseas. Silver also slumped by Rs 300 to Rs 37,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said the sentiment turned bearish as gold fell in global markets, after hitting a one-week high in the previous session, as fears of another round of US tariffs on China and expectations of higher interest rates lifted the dollar.

Besides, slump in demand from local jewellers and retailers at existing levels fuelled the downtrend, they said.

Globally, gold fell 0.65 per cent to $1,187.50 an ounce and silver by 1.43 per cent to $14.52 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 30 each to Rs 30,620 and Rs 30,470 per 10 gram, respectively. The precious metal had gained Rs 400 in the previous three days. Sovereign however held steady at Rs 24,500 per piece of eight gram.

In sync with gold, silver ready dropped by Rs 300 to Rs 37,800 per kg and weekly-based delivery by Rs 200 to Rs 36,750 per kg. Silver coins however continued to be enquired at the last level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

BusinessLine