Gold prices lose sheen on subdued global cues, muted demand

New Delhi-Indian (Mar 19)  Gold prices declined by Rs110 to Rs31,180 per 10 grams at the bullion market, tracking a weak trend overseas amid slackened demand from local jewellers. Silver prices also slipped below the Rs39,000-mark by falling Rs150 to Rs38,950 per kg due to reduced offtake by industrial units and coin makers.

Traders said sentiment turned bearish after gold fell in global markets as the dollar remained firm, with investors expecting the US Federal Reserve to raise interest rates at this week’s policy meeting. Besides, tepid demand from local jewellers and retailers in the domestic spot market due to off-wedding season too fuelled the downtrend.

Globally, gold rate fell by 0.33% to $1,309.30 an ounce and silver by 0.61% to $16.23 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity lost Rs110 each to Rs31,180 and Rs31,030 per 10 grams, respectively. The precious metal had gained Rs40 in Saturday’s trade. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.

In sync with gold, silver ready fell by Rs150 to Rs38,950 per kg and weekly-based delivery by Rs145 to Rs38,225 per kg. Silver coins, however, remained flat at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.

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