Gold prices ease Rs100 on global cues

New Delhi-India (Mar 21)  Gold turned cheaper by Rs100 at Rs29,050 per 10 grams on Tuesday on the back of broadly weak global pointers and diminished interest among local jewellers.

Silver’s slide was sharper—a good Rs300—which breached the Rs41,000 mark to Rs40,900 per kg, hit by lower offtake by industrial units and coin makers.

Observers said weakness of the bullion globally and easing demand from local jewellers and retailers at the domestic spot market are to blame.

Globally, gold fell 0.45% to $1,228.40 an ounce in Singapore.

Also read| Global gold prices slip on technical selling, Fed stance lends support

In Delhi, gold of 99.9% and 99.5% purity fell by Rs100 each to Rs29,050 and Rs28,900 per 10 grams, respectively.

It had gained Rs200 in the past two sessions. Sovereign, however, held steady at Rs24,300 per piece of eight grams.

Joining in, silver ready declined by Rs300 to Rs40,900 per kg. But weekly-based delivery rebounded by Rs540 to Rs40,740 per kg on speculative buying. Silver coins, however, remained flat at Rs70,000 for buying and Rs71,000 for selling 100 pieces.

Source: LiveMint