Gold prices fall by Rs 330 on weak global cues, easing demand

Mumbai-India (Aug 26)  Tracking a weakening trend overseas and fall in demand from jewellers at prevailing levels, gold prices drifted for the second straight day by losing another Rs 330 to Rs 27,030 per ten grams at the bullion market on Wednesday.

Silver dipped below the Rs 35,000 level and lost another Rs 530 to Rs 34,970 per kg on reduced offtake by industrial units and coin makers.

Traders said sentiments remained weak largely in tune with a weakening global trend amid slowdown in buying activity by jewellers due to fall in demand at current levels.

Globally, gold retreated 0.6 per cent to $1,133.47 an ounce and silver by 0.8 per cent to $14.57 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs 330 each to Rs 27,030 and Rs 26,880 per ten grams, respectively. It had lost Rs 215 on Tuesday.

Sovereign also weakened by Rs 100 to Rs 22,600 per piece of eight grams.

In a similar fashion, silver ready dropped by Rs 530 to Rs 34,970 per kg and weekly-based delivery by Rs 725 to Rs 34,470 per kg.

Silver coins also tumbled by Rs 1,000 to Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.

Source: FinancialExpress