Gold, silver fall on profit booking, global cues

After two days of gains, gold prices dropped by Rs 50 to Rs 30,750 per ten gram in the national capital on Wednesday as stockists booked profits at existing higher levels, amid weak global trend.

Silver too fell by Rs 190 to Rs 44,940 per kg on lack of buying support from industrial units and coin makers.

A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.

Traders said besides profit-booking by stockists at higher levels, a weak global trend dampened physical demand and led to decline in prices of precious metals.

Gold in Singapore, which normally sets price trends on the domestic front, fell by 0.6 per cent to $1,284.15 an ounce and silver lost 0.3 per cent to $ 20.16 an ounce.

In addition, investors shifting their funds from bullion to rising equities for quick gains also reduced the precious metals demand to some extent, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 30,750 and Rs 30,550 per ten gram, respectively. It had gained Rs 600 in the last two trading sessions.

However, sovereign found selective buying by retailers and rose by Rs 50 to Rs 25,350 per piece of eight gram.

Silver ready dropped by Rs 190 to Rs 44,940 per kg and weekly-based delivery by Rs 240 to Rs 44,640 per kg. It had gained Rs 510 in the previous two sessions.

On the other hand, silver coins maintained steady trend at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

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Printable version | Jul 3, 2022 10:33:47 am |