Home Market Gold slides on weak global cues

Gold slides on weak global cues


Tracking weak global cues, gold saw fall in its prices at the bullion market during the week and ended lower by Rs 170 at Rs 31,580 per ten grams.

Besides, muted demand from local jewellers and retailers following end of wedding season weighed on gold prices.

Silver followed suit and finished lower at Rs 39,475 per kg on low demand from industrial units and coin makers.

Marketmen said a weak global trend as minutes from the last US Federal Reserve indicated a hike in interest rates, strengthening the dollar and diminishing the appeal of gold as safe haven, mainly dampened the sentiment.

Globally, gold ended the week lower at USD 1,328.20 an ounce and silver at USD 16.50 an ounce in New York.

Besides, sluggish demand from local jewellers following the end of wedding season at domestic spot market too fuelled the downtrend.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week on a higher note at Rs 31,800 and Rs 31,650 per 10 grams respectively on scattered buying support.

Later, it slipped to Rs 31,350 and Rs 31,200 per ten grams on weak global cues before bouncing back to end at Rs 31,580 and Rs 31,430 per gen grams respectively, still showing a fall of Rs 170 each.

Sovereign, however, moved in a narrow range in scattered deals and settled at last level of Rs 24,800 per piece of eight gram.

In volatile movements on alternate bouts of buying and selling, silver ready finally ended the week lower by Rs 275 to Rs 39,475 per kg. Similarly, weekly-based delivery closed the week down by Rs 165 to Rs 38,500 per kg.

Silver coins also plunged by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in limited deals.

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