Gold price declined by Rs. 75 to Rs. 30,425 per 10 grams in the bullion market on Monday due to sluggish demand at prevailing higher levels amid a weak trend in the overseas market.
Price of silver remained flat at Rs. 55,000 per kg.
Traders said weak cues from the global markets mainly influenced the gold’s prices.
Sentiment remained bearish as the metal dropped in global markets after projections showed that Greece’s pro-bailout parties have won enough seats to control the Parliament, curbing demand for the metal as a safe haven.
Gold in Singapore lost 1.3 per cent to USD 1,606.72 an ounce, the lowest since June 13.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 75 each to Rs. 30,425 and Rs. 30,225 per 10 grams, respectively. It had lost Rs. 70 on Saturday.
Sovereigns held steady at Rs. 24,400 per piece of eight grams.
On the other hand, silver remained unchanged at Rs. 55,000 per kg, while weekly-based delivery declined by Rs. 165 to Rs. 54,365 per kg.
Silver coins fell by Rs. 1,000 to Rs. 64,000 for buying and Rs. 65,000 for selling of 100 pieces.
Keywords: bullion market