Gold, silver dim on low demand, weak global cues
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New Delhi: Gold prices dipped by Rs.40 to Rs.29,250 per ten gram on Saturday in Delhi bullion market on waning spot demand from jewellers amid a weak global trend.
Bullion traders said a weak trend overseas as the dollar ticked up and European shares extended their rally, reducing appeal of the precious metals, weighed on the prices. Besides, a fall in demand from jewellers in domestic spot market resulted in the slide.
Globally, gold fell 0.88% to $1,221.80 an ounce in New York on Friday, while silver fell 2.85% to $14.67 an ounce.
In the national capital, gold of 99.9 and 99.5% purity fell by Rs.40 each to Rs.29,250 and Rs.29,100 per ten grams respectively. It had gained Rs.190 in the previous two sessions. Sovereign, however, remained steady at Rs.23,000 per piece of eight grams in limited deals.
Tracking gold, silver ready lost Rs.600 to Rs.36,600 per kg and weekly-based delivery by Rs.815 to Rs.36,250 per kg. Silver coins fell by Rs.1,000 to trade at Rs.54,000 for buying and Rs.55,000 for selling of 100 pieces.
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