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Gold prices fall by Rs190 on decline in demand as ‘shradh’ kicks off

LiveMint logoLiveMint 07-09-2017 PTI

New Delhi: Gold prices fell further by Rs190 to Rs30,360 per 10 grams at the bullion market on Thursday, tracking a weak trend overseas amid tepid demand from local jewellers following beginning of inauspicious fortnight of shradh.

Silver also slipped below the Rs 42,000-mark by falling Rs 100 to Rs 41,900 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, fading demand from jewellers as well as retailers at domestic spot market following beginning of inauspicious fortnight of ‘Shradh’, mainly led to the decline in gold prices.

Globally, gold prices fell 0.44% to $1,333.50 an ounce in New York in Wednesday’s trade. In New Delhi, gold of 99.9% and 99.5% purity plunged by Rs190 each to Rs30,360 and Rs30,210 per 10 grams, respectively.

The precious metal had shed Rs50 on Wednesday. Sovereign, however, remained unaltered at Rs 24,600 per piece of eight grams. Following gold, silver ready declined by Rs100 to Rs41,900 per kg and weekly-based delivery by Rs310 to Rs41,190 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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