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Gold prices fall Rs200 on global cues

LiveMint logoLiveMint 03-05-2017 PTI

New Delhi: Declining for the third straight session, gold prices tumbled Rs200 to Rs29,150 per 10 grams at the bullion market on Wednesday on weak global cues and slump in demand from local jewellers. Silver also cracked below the Rs40,000 mark by falling Rs500 to Rs39,500 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, with investors awaiting the outcome of the US Federal Reserve’s policy meeting, fall in demand from local jewellers and retailers at the domestic spot market mainly kept pressure on gold prices.

Globally, gold fell 0.26% to $1,253.60 an ounce and silver slipped 0.36% to $16.75 an ounce in Singapore.

Also Read: Global gold prices near three-week low on higher risk appetite as US Fed meets

In the national capital, gold of 99.9% and 99.5% purity plunged by Rs200 each to Rs29,150 and Rs29,000 per 10 grams, respectively.

The precious metal had lost Rs 200 in the previous two sessions.

Sovereign, however, remained unaltered at Rs24,400 per piece of eight grams. Tracking gold, silver ready dropped by Rs500 to Rs39,500 per kg, while weekly-based delivery fell by Rs135 to Rs38,750 per kg.

Silver coins too plummeted by Rs1,000 to Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

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