Gold price faces global woes, eases Rs 100 to Rs 29,050

Mumbai-India (Mar 21)  Gold turned cheaper by Rs 100 at ₹ 29,050 per 10 grams today on the back of broadly weak global pointers and diminished interest among local jewellers.

Silver’s slide was sharper - a good Rs 300-— which breached the ₹ 41,000 mark to₹ 40,900 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 per cent to $ 1,228.40 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 29,050 and Rs 28,900 per 10 grams, respectively. It had gained Rs 200 in the past two sessions.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams.

Joining in, silver ready declined by Rs 300 to Rs 40,900 per kg. But weekly-based delivery rebounded by₹540 to ₹40,740 per kg on speculative buying.

Silver coins, however, remained flat at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

Source: TheHindu