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Gold prices fall Rs350 on global cues, low demand

LiveMint logoLiveMint 06-03-2017 PTI

New Delhi: Gold prices dipped below the Rs30,000 mark on Monday, plunging Rs350 to Rs29,750 per 10 grams amid a weak trend in overseas market and fall in demand from local jewellers. Silver also slipped below the Rs43,000 mark by falling Rs300 to Rs42,800 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers following end of the marriage season mainly pulled down gold prices.

Globally, gold fell 0.19% to $1,231.90 an ounce and silver by 0.92% to $17.78 an ounce in Singapore.

In Delhi, gold of 99.9% and 99.5% purity tumbled by Rs350 each to Rs29,750 and Rs29,600 per 10 grams, respectively.

It had gained Rs375 in Saturday’s trade. Sovereign, however, remained unaltered at Rs24,500 per piece of eight grams. Silver ready dropped by Rs300 to Rs42,800 per kg, while weekly-based delivery surged by Rs535 to Rs4,700 per kg on speculative buying.

Silver coins plummeted by Rs1,000 at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.

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