Gold, silver slide on easing demand

Mumbai-India (June 28)  Gold prices declined by ₹ 65 to ₹ 34,285 per 10 gram in the national capital on Friday on easing demand from jewellers even as the precious metal gained overseas ahead of US-China trade talks, according to the All India Sarafa Association.

Globally, gold was trading higher at USD 1,416.84 an ounce, while silver was quoting lower at USD 15.16 an ounce in New York. “Bullion prices traded up with international spot gold prices trading near USD 1,420 maintaining the upper trading range ahead of key US-China trade talks. The weaker dollar also supported the firm trading in gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Gold prices may remain within the current trading range of USD 1,380-USD 1,440 on speculations over US-China trade talks. Any positive comments from trade talks will improve overall market sentiment, resulting into selling in gold prices, he added. Silver prices fell by ₹ 150 to ₹ 38,600 per kg on reduced offtake by industrial units in the national capital.

Gold of 99.9 per cent and 99.5 per cent purity dropped ₹ 65 each to ₹ 34,285 and Rs 34,115 per 10 gram, respectively. Sovereign gold, however, held steady at ₹ 26,800 per eight gram.

Silver ready prices declined by ₹ 150 to ₹ 38,600 per kg, while weekly-based delivery reduced by ₹ 13 to ₹ 37,591 per kg. Price of silver coins held flat at ₹ 80,000 for buying and ₹ 81,000 for selling of 100 pieces.

BusinessLine