Gold & Silver

Gold drops to Rs 31,350; silver recovers by Rs 85 per kg

PTI New Delhi | Updated on February 22, 2018 Published on February 22, 2018

Silver recovered by Rs 85 to Rs 39,385 per kg owing to scattered enquiries from industrial units and coin makers.

Gold slumped by Rs 100 to Rs 31,350 per ten gram at the bullion market today due to fall in demand from local jewellers and retailers amid a weak trend overseas. However, silver recovered by Rs 85 to Rs 39,385 per kg owing to scattered enquiries from industrial units and coin makers.

Marketmen said gold prices sank due to muted demand from jewellers following the end of wedding season. Besides, a weak global trend, as minutes from the last US Federal Reserve indicated a hike in interest rates, strengthening the dollar and diminishing the appeal for gold as safe haven, aided the downtrend.

Globally, gold fell 0.23 per cent to $1,321 an ounce and silver by 0.58 per cent to $16.41 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 31,350 and Rs 31,200 per ten gram, respectively. The precious metal had lost Rs 350 in the last two days. Sovereign however remained unaltered at Rs 24,800 per piece of eight gram.

On the other hand, silver ready recovered by Rs 85 to Rs 39,385 per kg and weekly-based delivery by Rs 150 to Rs 38,340 per kg. Silver coins continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Published on February 22, 2018
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