Gold prices down at Rs. 29,425; silver drops to Rs. 40,125

New Delhi-India (June 9)  Gold prices slipped further by Rs. 175 to Rs. 29,425 per 10 grams at the bullion market today, tracking a weak trend overseas amid tepid demand from local jewellers.

Silver too remained under selling pressure and dropped by Rs. 625 to Rs. 40,125 per kg.

Traders said besides a weak trend overseas, muted demand from local jewellers as well as retailers at the domestic spot market, mainly kept gold prices lower.

Globally, gold fell 0.3 per cent to $1,273.80 an ounce and silver traded 0.57 per cent down at $17.31 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs. 175 each to Rs. 29,425 and Rs. 29,275 per 10 grams, respectively. It had lost Rs. 195 in yesterday’s trade.

Sovereign, however, remained unaltered at Rs. 24,500 per piece of eight grams.

Following gold, silver ready dropped by Rs. 625 to Rs. 40,125 per kg and weekly-based delivery slipped below the Rs. 40,000-mark by falling Rs. 660 to Rs. 39,915 per kg.

Silver coins, however, continued to be traded at the previous levels of Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.

Source: BusinessLine