Gold and silver prices fall on muted demand, global cues

New Delhi-India (Apr 22)  Gold prices eased by Rs.100 to Rs.29,800 per 10 grams at the bullion market on Friday owing to slackened demand from jewellers and customers at prevailing levels amid weak global cues.

Silver also dropped by Rs.550 to Rs.40,350 per kg due to reduced offtake by industrial users.

Traders said besides fall in demand at existing levels, a weak global trend where it slipped from a five-week high after a gauge of US unemployment tumbled to the lowest since 1973, dampening the metal’s appeal as a safe haven, weighed on gold prices.

Globally, gold eased by 0.17% to $1,245.90 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs.100 each to Rs.29,800 and Rs.29,650 per 10 grams respectively.

It had climbed Rs.400 in Thursday’s trade. Sovereign, however, held steady at Rs.23,200 per piece of eight grams in limited deals. Similarly, silver ready dropped by Rs.550 to Rs.40,350 per kg and weekly-based delivery broke below the Rs.41,000-mark by plunging Rs.1,115 to trade at Rs.40,115 per kg.

On the other hand, silver coins traded at previous level of Rs.64,000 for buying and Rs.65,000 for selling of 100 pieces.

Source: LiveMint