Gold prices fall Rs150 on global cues, slip below Rs31,000

New Delhi-India (Sept 12)  Gold prices slid Rs150, falling below the Rs31,000-mark on Tuesday over sluggish global leads because of surging equities and the dollar keeping its gains.

At the close, the price of the yellow metal stood at Rs30,850 per 10 grams. In addition, easing demand from local jewellers as well as retailers weighed. The appeal of safe haven assets like gold, Japanese yen, Swiss franc and treasuries faded on easing North Korean tensions and less than feared strength of hurricane Irma that battered the Florida coast of the US. Silver prices also dropped by Rs50 to Rs41,650 per kg on reduced offtake by industrial units and coin makers.

Marketmen said, apart from a weak trend overseas, fall in demand from local jewellers and retailers in view of ongoing inauspicious ‘Shradh’ weighed on the gold prices.

Globally, gold fell 0.08% to $1,325,90 an ounce at Singapore. Silver declined 0.31% to $17.70 an ounce. In the national capital, gold of 99.9% and 99.5% purity tumbled by Rs150 each to Rs30,850 and Rs30,700 per 10 grams, respectively. It had gained Rs470 in Monday’s trade. Sovereign, however, held steady at Rs24,700 per piece of eight grams.

Tracking the yellow metal, silver ready traded lower by Rs50 to Rs41,650 per kg and weekly-based delivery shed Rs10 to Rs41,030 per kg. Silver coins, however, remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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