Gold, silver fall on weak overseas trend, profit-booking

Gold fell ₹170 to ₹34,210 per 10 gram; silver ready prices declined by ₹70 to ₹38,580 per kg

July 04, 2019 04:16 pm | Updated 06:25 pm IST - New Delhi

Gold and silver prices on Thursday slumped in the bullion market in New Delhi on profit-booking and weak overseas trend with the yellow metal falling ₹170 to ₹34,210 per 10 gram.

According to the All India Sarafa Association in the national capital, gold of 99.9% and 99.5% purity declined ₹170 each to ₹34,210 and ₹34,040 per 10 gram, respectively.

Globally, gold was trading lower at $1,413.46 an ounce in New York and silver was down at $15.26 an ounce.

"Spot gold edged lower from a one week high due to profit-booking and a steady dollar. Traders expect a subdued trading as the key U.S. market closed today on account of Independence Day.

"Meanwhile, traders sought direction from Friday’s US employment data for more cues on US Central Bank’s stance on interest rate cut," said Hareesh V, Head-Commodity Research, Geojit Financial Services.

Sovereign gold held steady at ₹26,800 per eight gram.

On July 3, gold surged ₹260 to ₹34,380 per 10 gram.

In the national capital, silver ready prices declined by ₹70 to ₹38,580 per kg, while weekly-based delivery dropped ₹198 to ₹37,150 per kg on July 4.

Prices of silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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