Gold price weakens on sluggish demand, silver strengthens

Mumbai-India (July 10)  The fall in gold prices attributed to easing demand from jewellers and retailers at current levels.

Gold eased by Rs. 40 to settle at Rs. 26,330 per ten grams at the bullion market, owing to slackened demand from jewellers even as the metal strengthened overseas.

Silver, however, inched up by Rs.10 to reach Rs. 35,510 per kg.

Bullion traders attributed the fall in gold prices to easing demand from jewellers and retailers at current levels. But, a firming trend in the precious metal overseas capped the losses.

Globally, gold added 0.4 per cent to USD, 1,163.73 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity moved down by Rs. 40 each to Rs. 26,330 and Rs. 26,180 per ten grams, respectively. The precious metal gained Rs. 200 yesterday.

Sovereign also fell by Rs. 100 to Rs. 23,000 per piece of eight grams.

However, silver ready ended higher by Rs. 10 at Rs. 35,510 per kg and weekly-based delivery went up by Rs.185 to Rs. 35,465 per kg.

Silver coins, however, continued to be traded at last level of Rs. 53,000 for buying and Rs. 54,000 for selling of 100 pieces.

Source: TheHindu