Gold prices shed Rs150 on global cues, muted demand

New Delhi-India (Aug 25)  Gold prices drifted lower by Rs150 to Rs29,700 per ten gram on Friday, tracking a weak trend overseas amid fall in demand from local jewellers. Silver, however, held steady at Rs40,200 per kg in scattered deals.

Traders said apart from a weak trend overseas, easing demand from local jewellers and retailers at domestic spot market mainly pulled down the gold prices.

Globally, gold fell 0.35% to $1,285.80 an ounce in New York on Thursday. In the national capital, gold of 99.9% and 99.5% purity declined by Rs150 each to Rs29,700 and Rs29,550 per ten gram, respectively.

It had gained Rs150 on Thursday. Sovereign, however, remained unaltered at Rs 24,500 per piece of eight gram in limited deals.

On the other hand, silver ready held steady at Rs 40,200 per kg, while weekly-based delivery edged up by Rs 5 to Rs 39,050 per kg.

Silver coins, however, maintained a steady trend at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

Source: LiveMint