Gold price falls below 29K-mark due to weak global cues, muted spot demand

New Delhi-India (Mar 14)  Gold prices today fell below the Rs. 29,000-mark by plunging Rs. 150 to Rs. 28,900 per 10 grams, due to sluggish trend overseas and fall in demand from local jewellers.

Silver also fell Rs. 180 to Rs. 40,800 per kg due to reduced offtake by industrial units and coin makers.

Traders said sluggish demand due to the end of wedding season at the domestic spot market led to the decline.

Globally, gold fell 0.22 per cent to $1,201.10 an ounce and silver by 0.35 per cent to $16.89 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs. 150 each to Rs. 28,900 and Rs. 28,750 per 10 grams, respectively. The precious metals had gained Rs. 200 on Saturday. The market was shut yesterday on account of Holi.

Sovereign, however, moved up by Rs. 100 to Rs. 24,400 per piece of eight grams in scattered deals.

Following gold, silver ready declined by Rs. 180 to Rs. 40,800 per kg and weekly-based delivery traded lower by a similar margin to Rs. 40,350 per kg.

Source: BusinessLine