Gold price remains weak on global cues; silver slumps below ₹40k

New Delhi-India (May 3)  Declining for the third straight session, gold prices tumbled ₹200 to ₹29,150 per 10 grams at the bullion market today on weak global cues and slump in demand from local jewellers.

Silver also cracked below the ₹40,000-mark by falling ₹500 to ₹39,500 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 per cent to USD 1,253.60 an ounce and silver slipped 0.36 per cent to USD 16.75 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by ₹200 each to ₹29,150 and ₹29,000 per 10 grams, respectively. The precious metal had lost ₹200 in the previous two sessions.

Sovereign, however, remained unaltered at ₹24,400 per piece of eight grams.

Tracking gold, silver ready dropped by ₹500 to ₹39,500 per kg while weekly-based delivery fell by ₹135 to ₹38,750 per kg.

Silver coins too plummeted by ₹1,000 to ₹70,000 for buying and ₹71,000 for selling of 100 pieces.

Source: TheHindun