Gold continued it downward spiral for the fourth straight day in the bullion market here today by losing Rs 40 to Rs 31,480 per 10 grams on poor demand due to ‘Shradhs’ and a weak global trend.
Silver held steady at Rs 61,000 per kg on restricted buying from industrial units and coin makers.
Traders said poor demand due to ongoing ‘Shradh’, which is considered as an inauspicious period to buy new things as per Hindu mythology, mainly kept pressure on gold prices.
Weak trend in the global markets, where gold fell from 11-month high after the US unemployment rate unexpectedly dropped also influenced the sentiment, they said.
In New York, gold fell 0.9 per cent to $1,780.80 an ounce and silver by 1.5 per cent to $34.57 an ounce. They said the silver prices held steady on restricted buying from industrial units and coin makers.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 40 each to Rs 31,480 and Rs 31,280 per 10 grams, respectively. The metal had lost Rs 230 in last three sessions.
Sovereign followed suit and shed Rs 50 to Rs 25,400 per piece of eight grams.
Silver ready held steady at Rs 61,000 per kg, while weekly—based delivery plunged by Rs 555 to Rs 61,795 per kg on lack of speculators support.
Silver coins continued to be asked around previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.