first majestic silver

Gold demand falls as price slips from 21-month high on global cues

February 13, 2016

New Delhi-India (Feb 13)  Prices of gold witnessed a 21-month high by plunging Rs 600 to Rs 29,050 per ten grams at the bullion market on Saturday on weak cues from overseas markets amid fall in demand from jewellers at existing levels.

 The yellow metal snapped its biggest eleven-day rising streak this year.

 On the other hand, silver too shed Rs 50 at Rs 37,800 per kg on reduced off-take by industrial units and coin makers.

 According to traders, a weak global trend, fall in demand from jewellers and retailers at prevailing higher levels at domestic spot market, are mainly the key reasons for the dragged gold prices.

 Globally, the yellow metal fell by 0.68 per cent to $1,237.90 an ounce and silver by 0.03 per cent to $15.75 an ounce in New York in Friday's trade.

 In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 600 each to Rs. 29,050 and Rs. 28,900 per ten grams respectively.
 In line with the overall trend, silver eased by Rs. 50 to 37,800 per kg and weekly-based delivery slipped below the Rs 38,000-mark by falling Rs 160 to Rs 37,985 per kg.

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