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Gold prices fall Rs 250 on global cues, slump in demand

LiveMint logoLiveMint 26-04-2017 PTI

New Delhi: Falling for the third straight session, gold prices plunged by Rs 250 to trade at a two-week low of Rs 29,350 per 10 grams at the bullion market today on weak global cues and muted demand from local jewellers.

Silver also dropped by Rs 600 to Rs 41,000 per kg amid reduced offtake by industrial units and coin makers.

Traders said a weak trend overseas, where investors favoured riskier assets on expectations that centrist candidate Emmanuel Macron will become France’s next president, mainly affected sentiment here. Globally, gold fell by 0.02% to $1,263.80 an ounce and silver by 0.17% to $17.54 an ounce in Singapore.

Also Read: Global gold prices slip to two-week low on improved risk appetite

Fading demand from local jewellers and retailers at the domestic spot markets also fuelled the downtrend, they said.

In the national capital, gold of 99.9% and 99.5% purity slumped by Rs 250 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively.

The precious metal has lost Rs 400 in the last two days. It had ended at Rs 29,350 on 11 April.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. Following gold, silver ready dropped by Rs 600 to Rs 41,000 per kg and weekly-based delivery by Rs 685 to Rs 40,265 per kg. On the other hand, silver coins remained steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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