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Gold prices fall Rs 100 on global cues, weak demand

LiveMint logoLiveMint 01-05-2017 PTI

New Delhi: Gold prices came down by Rs100 to Rs29,450 per 10 grams on Monday, in the process halting the three days of gains, mainly due to a weak trend overseas and easing demand from local jewellers.

Silver, however, recovered by Rs175 to Rs40,400 per kg, backed by increased offtake by industrial units and coin makers.

Traders said sluggishness in the overseas market and demand drop at the domestic spot market pushed gold prices down.

Globally, gold fell by 0.41% to $1,262.50 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell by Rs100 each to Rs29,450 and Rs29,300 per 10 grams, respectively. The precious metal had gained Rs200 in the previous three days.

Sovereign, however, remained steady at Rs24,400 per piece of eight grams. On the other hand, silver ready rebounded by Rs175 to Rs40,400 per kg while weekly-based delivery ruled flat at Rs39,505 per kg.

Silver coins spurted by Rs1,000 to Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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