Markets

Gold slips on weak global cues, muted demand

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic markets. File

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic markets. File  

Gold prices fell to ₹34,225 per ten gram; Silver weakened to ₹41,100 per kg

Gold prices on Monday fell by ₹55 to ₹34,225 per ten gram at the bullion market, tracking a weak trend overseas amid tepid demand from local jewellers, according to All India Sarafa Association.

Silver also followed suit and weakened by ₹150 to ₹41,100 per kg owing to reduced offtake by industrial units and coin makers.

Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic markets.

Globally, gold fell 0.24% to $1,312 an ounce and silver by 0.51% to $15.82 an ounce in New York.

In the national capital, gold of 99.9% and 99.5% purity moved down by ₹55 each to ₹34,225 and ₹34,075 per ten gram, respectively.

Sovereign gold, however, remained flat at ₹26,100 per piece of eight gram.

In tandem with gold, silver ready declined by ₹150 to ₹41,100 per kg and weekly-based delivery by ₹118 to ₹39,987 per kg.

Silver coins however continued to be traded at last level of ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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Printable version | Feb 17, 2020 2:45:58 AM | https://www.thehindu.com/business/markets/gold-slips-on-weak-global-cues-muted-demand/article26238557.ece

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