Gold falls on subdued demand, weak global cues
Gold prices declined to Rs 28,265 per ten gram; silver eased to Rs 42,775 per kg
New Delhi: After witnessing two days of gains, gold prices declined by Rs 35 to Rs 28,265 per ten gram in the national capital on August 30 owing to slackened demand at prevailing levels amid a weak global trend. Silver followed suit and eased by Rs 225 to Rs 42,775 per kg on reduced offtake by industrial units and coin makers.
Traders said besides sluggish domestic demand at prevailing levels, bearish trend in overseas markets mainly kept pressure on gold and silver prices. Gold in New York, which normally determines price trend on the domestic front, fell by 0.3 per cent to USD 1,286.60 an ounce and silver by 0.3 per cent to USD 19.55 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity traded lower by Rs 35 each to Rs 28,265 and Rs 28,065 per ten gram respectively, after gaining Rs 125 in last two days. Sovereign, however, remained flat at Rs 24,600 per piece of eight gram in limited deals.
In a similar fashion, silver lost Rs 225 at Rs 42,775 per kg and weekly-based delivery by Rs 355 at Rs 42,050 per kg. The white metal had gained Rs 300 in last two sessions. Meanwhile, silver coins held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.