Gold price falls by Rs100 on weak demand, silver recovers

New Delhi-India (Jan 14)  Halting its four-day winning run, gold drifted lower by Rs100 to Rs29,350 per 10 gram at Delhi bullion market on Saturday due to weak retail demand.

Traders attributed the slide in gold prices to fall in demand from jewellers and retailers at existing levels but a firm trend overseas capped the fall.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs100 each to Rs29,350 and Rs29,200 per 10 grams respectively. The precious metals had gained Rs750 in the previous four days. Sovereign, however, held steady at Rs24,300 per piece of eight gram.

On the other hand, silver ready rebounded by Rs250 to Rs41,200 per kg and weekly-based delivery by Rs180 to Rs41,000 per kg. Silver coins, however,continued to be traded at previous level of Rs 72,000 for buying and Rs73,000 for selling of 100 pieces.

Globally, gold was trading down at $1,197.46 an ounce in Singapore. In New York, gold rose 0.16% to $1,196.90 an ounce and silver 0.39% to $16.81 an ounce yesterday.

Source: LiveMint