Gold price sheds ₹150 on weak global cues

Mumbai-India (Nov 14)  Gold prices slipped by ₹150 to ₹31,900 per 10 gram at the local market here on Wednesday due to weak global cues.

Besides, fall in demand from local jewellers too kept pressure on the precious metal.

Silver ready held steady at ₹37,450 per kg on scattered support, while weekly-based delivery dropped by ₹443 to ₹36,219 per kg on speculative selling.

Traders said sentiment was downbeat as the precious metals weakened in global market. Also, fading demand from local jewellers as well as retailers at the domestic spot market weighed on the prices.

Globally, gold fell 0.08% to USD 1,201.90 an ounce and silver by 0.11% to USD 14.07 an ounce in Singapore on Wednesday.

In the national capital, gold of 99.9% and 99.5% purity fell by ₹150 to ₹31,900 and ₹31,750 per 10 gram, respectively. The precious metal had lost ₹100 on Tuesday.

Sovereign, however, continued to be traded at ₹24,800 per piece of 8 gram.

Silver weekly-based delivery tumbled by ₹443 to ₹36,219 per kg, while silver ready remained unaltered at ₹37,450 per kg.

Silver coins too were under pressure and fell by ₹1,000 to ₹73,000 for buying and ₹74,000 for selling of 100 pieces.

TheHindu