Gold prices drifted lower by Rs 70 to Rs 32,050 per 10 grams at the bullion market Saturday, snapping a three-day rising streak on the back of weak global cues and easing demand from local jewellers.
Silver also dropped by Rs 100 to Rs 39,400 per kg on reduced offtake by industrial units and coin makers.
Gold eased in the global markets as the US dollar climbed and global stocks rebounded from a six-day rout, eroding demand for the precious metals as a safe haven.
Easing demand from jewellers as well as retailers too weighed on gold prices in the domestic market, traders said.
Gold prices fell 0.50 per cent to USD 1,218.50 an ounce in New York on Friday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each to Rs 32,050 and Rs 31,900 per 10 grams, respectively. The precious metal had gained Rs 470 in the previous three sessions.
Sovereign gold, however, remained unaltered at Rs 24,600 per piece of eight grams in limited deals.
Tracking gold, silver ready slipped by Rs 100 to Rs 39,400 per kg, while weekly-based delivery edged higher by Rs 10 to Rs 38,915 per kg.
Silver coins, however, were unaltered at Rs 75,000 for buying and Rs 76,000 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.