Gold prices dip to Rs30,450 per 10 grams on global cues, muted demand

New Delhi-India (Nov 11)   Gold prices dipped by Rs80 to Rs30,450 per 10 grams at the bullion market today, tracking a weak trend overseas amid easing demand from local jewellers.

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at existing levels led to the decline in gold prices.

Globally, gold fell by 0.75% to $1,274.90 an ounce and silver by 0.53% to $16.86 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5% purity drifted lower by Rs80 each to Rs30,450 and Rs30,300 per 10 grams, respectively. The precious metal had gained Rs80 yesterday. Sovereign, however, ruled flat at Rs24,700 per piece of eight grams.

In a similar fashion, silver ready moved down by Rs175 to Rs40,400 per kg and weekly-based delivery by Rs160 to Rs39,500 per kg. Silver coins, however, remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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