Gold prices turn soft, local jewellers pull back

New Delhi-India (Oct 30)  Gold prices fell by Rs75 to Rs30,275 per 10 grams in the bullion market on Monday, pointing to global sluggishness, as local jewellers decided to remain tight-fisted too. Silver declined by Rs200 to Rs40,000 per kg, hit by lower demand from industrial units and coin makers.

Sentiment, traders said, was downbeat largely in sync with a weak trend overseas as investors remained cautious ahead of the naming of the next US Federal Reserve chair and a two-day Federal Open Market Committee (FOMC) meeting this week.

Globally, gold rates fell 0.32% to $1,269.10 an ounce and silver by 0.77% to $16.71 an ounce in Singapore. Besides, shifting of funds towards surging equities weighed on the prices, trades added.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs75 each to Rs30,275 and Rs30,125 per 10 grams, respectively. It had gained Rs75 on Saturday. Sovereign, however, was steady at Rs24,700 per piece of eight grams.

Following gold, silver ready declined by Rs200 to Rs40,000 per kg and weekly-based delivery by Rs75 to Rs39,075. Silver coins, on the other side, were unchanged at Rs74,000 for buying and Rs75,000 for selling of 100 pieces in scattered deals.

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