Gold prices fall by Rs100 on global cues, silver recovers by Rs50

Mumbai-India (Oct 21)  Gold prices fell by Rs100 to Rs30,650 per ten gram in Delhi the bullion market on Saturday amid a weakening global trend and muted demand from local jewellers. However, silver recovered by Rs50 to Rs40,850 per kg on scattered enquiries from industrial units.

Traders said apart from a weak trend overseas, hurt by a stronger dollar, easing demand from local jewellers and retailers at domestic spot market mainly weighed on the gold prices.

Globally, gold prices fell 0.75% to $1,280 an ounce and silver by 1.34% to $17.00 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9% and 99.5% purity went down by Rs100 each to Rs30,650 and Rs30,500 per ten gram, respectively. The metal had lost Rs250 in special ‘Diwali’ trading session on Thursday. Market remained closed on Friday on account of Vishwakarma Puja. Sovereign however held steady at Rs24,700 per piece of eight gram.

On the other hand, silver ready recovered by Rs50 to Rs40,850 per kg, while weekly-based delivery shed Rs25 to Rs39,875 per kg on lack of buying support from speculators. Silver coins however remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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