Gold prices slump by Rs120 on lacklustre demand, global cues

New Delhi-India (Nov 30)  Gold prices declined by Rs120 to Rs30,400 per 10 grams on Thursday, mostly on account of slackened demand from jewellers and weak global cues. Silver also remained under selling pressure and cracked below the Rs40,000-mark by falling Rs675 to Rs39,325 per kg.

Market analysts said tepid demand from jewellers and retailers at the domestic spot market and a weak trend in the global market pressured by upbeat US growth data for the third quarter, weighed on the precious metal prices.

Globally, gold rates fell 0.16% to $1,281.40 an ounce and silver slipped 0.15% to $16.48 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity drifted down by Rs120 each to Rs30,400 and Rs30,250 per 10 grams, respectively. The precious metal had gained Rs20 on Wednesday. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.

In a similar fashion, silver ready slumped by Rs675 to Rs39,325 per kg and weekly-based delivery declined by Rs775 to Rs37,920 per kg. Silver coins were unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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