Gold prices fall on muted demand, global cues

New Delhi-India (Jan 7)  Gold prices declined by Rs50 to Rs30,450 per 10 grams at Delhi bullion market on Saturday on easing demand from local jewellers and weak global cues.

Bullion traders said apart from a weak trend overseas, easing demand from local jewellers at domestic spot market, mainly weighed on gold prices.

Globally, gold fell 0.24% to $1,318.80 an ounce and silver by 0.23% to $17.16 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5% purity shed Rs50 each to Rs30,450 and Rs30,300 per 10 grams, respectively. It had gained Rs135 yesterday. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.

On the other hand, silver ready traded at previous level of Rs40,000 per kg, while weekly-based delivery edged up by Rs50 to Rs39,250 per kg. Silver coins, however, remained unaltered at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.

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