Gold prices fall by Rs70 on global cues, muted demand
New Delhi-India (Feb 17) Gold prices drifted lower by Rs70 to Rs31,750 per 10 grams at the bullion market in Delhi on Saturday owing to easing demand from local jewellers at prevailing levels amid a weak trend overseas.
Bullion traders said slackness in demand from local jewellers and retailers at current levels along with a weak trend overseas, mainly weighed on gold prices.
Globally, gold fell 0.50% to $1,346.50 an ounce in New York yesterday.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs70 to Rs31,750 and Rs 31,600 per 10 grams, respectively. The precious metal had gained Rs520 in the previous two days. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.
On the other hand, silver ready recovered by Rs370 to Rs39,750 and weekly-based delivery rose by Rs25 to Rs38,665 per kg. Silver coins also spurted by Rs1,000 to Rs75,000 for buying and Rs76,000 for selling of 100 pieces.
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