Gold prices end with minuscule loss on tepid demand, silver prices tank

New Delhi-India (July 3)   Gold prices moved down by Rs 10 to Rs 29,400 per 10 grams today, in keeping with a sluggish trend overseas amid easing demand from local jewellers.

Silver’s drop was sharp—as much as Rs 265—at Rs 39,600 per kg, hit hard by reduced offtake from industrial units and coin makers. Weak global cues and lacklustre local demand were the predominant factors.

Traders said activity was negligible following a cautious approach as the government decided to impose a 3% GST on gold.

Globally, gold fell 0.52% to $1,234.70 an ounce and silver 0.60% to $16.50 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity lost Rs10 each to Rs29,400 and Rs29,250 per 10 grams, respectively.

The precious metal had gained Rs 210 on Saturday. Sovereign, however, traded higher by Rs 100 to Rs 24,500 per piece of eight grams in scattered retailer enquiries.

Following gold, silver ready fell by Rs 265 to Rs 39,600 per kg while weekly-based delivery edged up by Rs 10 to Rs 38,355 per kg.

Silver coins plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Source: LiveMint