Gold prices slide on weak global cues, muted demand

New Delhi-India (June 9)  Gold prices slipped further by Rs175 to Rs 29,425 per 10 grams at the bullion market on Friday, tracking a weak trend overseas amid tepid demand from local jewellers. Silver too remained under selling pressure and dropped by Rs 625 to Rs 40,125 per kg.

Traders said besides a weak trend overseas, muted demand from local jewellers as well as retailers at the domestic spot market, mainly kept gold prices lower.

Globally, gold fell 0.30% to $1,273.80 an ounce and silver traded 0.57% down at USD 17.31 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity plunged by Rs 175 each to Rs 29,425 and Rs 29,275 per 10 grams, respectively.

It had lost Rs 195 in yesterday’s trade. Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.

Following gold, silver ready dropped by Rs 625 to Rs 40,125 per kg and weekly-based delivery slipped below the Rs 40,000-mark by falling Rs 660 to Rs 39,915 per kg.

Silver coins, however, continued to be traded at previous levels of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

Source: LiveMine