Gold weakens on muted demand

TIL Desk/Business/New Delhi/ Gold today fell by Rs 70 to Rs 29,580 per ten gram on muted demand from local jewellers and retailers even as the metal showed some strength overseas. Silver also declined by Rs 100 to Rs 37,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said tepid demand from local jewellers and retailers at domestic spot market, mainly kept pressure on gold prices but a slightly better trend in global markets capped the fall.

Globally, gold edged up 0.09 per cent to USD 1,249.30 an ounce and silver by 0.03 per cent to USD 15.82 an ounce in Singapore.Diversion of funds towards rising equity also weighed on gold prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 70 each at Rs 29,580 and Rs 29,430 per ten gram, respectively. The precious metal had lost Rs 600 in the previous four sessions.

Sovereign however remained unaltered at Rs 24,400 per piece of eight gram. Following gold, silver ready eased by Rs 100 to Rs 37,800 per kg, while weekly-based delivery edged up by Rs 50 to Rs 37,115 per kg. On the other hand, silver coins maintained a steady trend at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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