Gold prices fall ₹150 on weak global cues, muted demand

New Delhi-India (Nov 2)  Gold prices drifted lower by ₹150 to ₹32,630 per 10 grams on Friday, breaking its three-day rising spell, amid weakening global trend and fading demand from the local jewellers.

Silver, however, recovered by ₹310 to ₹39,500 per kg backed by increased offtake by coin makers.

Bullion traders said sentiment turned somewhat weak largely in tandem with a subdued trend overseas.

Besides, buyers postponing purchases at the domestic spot markets ahead of ‘Dhanteras’ next week also weighed on the gold prices, they said.

Globally, gold fell by 0.03% to USD 1,233.50 an ounce and silver by 0.03% to USD 14.82 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5% purity declined by ₹150 each to ₹32,630 and ₹32,480 per 10 grams respectively. The precious metal had gained ₹230 in the last three days.

Sovereign gold, however, remained flat at ₹24,900 per piece of 8 gram.

On the other side, silver ready rebounded by ₹310 to ₹39,500 per kg and weekly-based delivery by ₹418 to ₹38,546 per kg.

Silver coins, however, were unaltered at 76,000 for buying and ₹77,000 for selling of 100 pieces.

TheHindu