Gold price falls by Rs. 50 to three-week low

Mumbai-India (May 29)  Continuing its sliding trend for the fourth day in a row, gold on Friday fell by another Rs. 50 to trade at a three-week low of Rs. 27,275 per ten grams at the bullion market here owing to slackened demand from jewellers and retailers amid a weak global trend.

However, silver recovered by Rs. 210 to Rs. 38,750 per kg on fresh buying support from industrial units. Traders attributed persistent fall in gold prices to easing demand from jewellers and retailers. Weak global trends also impacted prices, they said.

Globally, gold traded a shade lower at $1,187.80 an ounce in New York on Thursday. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs. 50 each to Rs. 27,275 and Rs. 27,125 per ten grams respectively, the weakest level since May 8. The precious metal had lost Rs. 150 in the previous three sessions.

Sovereign, however, remained flat at Rs. 23,700 per piece of eight grams on lack of buying support. On the other hand, silver ready recovered by Rs. 210 to Rs. 38,750 per kg and weekly-based delivery by Rs. 80 to Rs. 38,375 per kg. Silver coins remained unchanged at Rs. 56,000 for buying and Rs. 57,000 for selling of 100 pieces in scattered deals.

Source: TheHindu