Gold loses sheen, drops Rs 250 on global cues, demand slump
Falling for the third straight session, gold prices plunged by Rs 250 to trade at a two-week low of Rs 29,350 per 10 grams at the bullion market today on weak global cues and muted demand from local jewellers.
Silver also dropped by Rs 600 to Rs 41,000 per kg amid reduced offtake by industrial units and coin makers.
Traders said a weak trend overseas, where investors favoured riskier assets on expectations that centrist candidate Emmanuel Macron will become France’s next president, mainly affected sentiment here.
Globally, gold fell by 0.02 per cent to USD 1,263.80 an ounce and silver by 0.17 per cent to USD 17.54 an ounce in Singapore.
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Fading demand from local jewellers and retailers at the domestic spot markets also fuelled the downtrend, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 250 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. The precious metal has lost Rs 400 in the last two days. It had ended at Rs 29,350 on April 11.
Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams.
Following gold, silver ready dropped by Rs 600 to Rs 41,000 per kg and weekly-based delivery by Rs 685 to Rs 40,265 per kg.
On the other hand, silver coins remained steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.