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Gold down by Rs 10 on lack of buying support

Gold down by Rs 10 on lack of buying support

New Delhi: Gold prices declined by Rs 10 to Rs 29,990 per 10 grams here Thursday, owing to slackened demand amid a weak global trend.

Silver followed suit and fell by Rs 335 to Rs 54,765 per kg on reduced offtake by coin makers and industrial units.

Traders said sentiment turned bearish on lack of buying support due to off marriage and festival season.

A weak trend on the global front after gold declined from a two-week high as US data showing a strengthening economy and damped demand for haven assets, they said.

Gold in Singapore, which normally set price trend on the domestic front, lost 0.3 per cent to USD 1,583.75 an ounce and silver by 0.9 per cent to USD 28.64 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 29,990 and Rs 29,790 per 10 grams, respectively. The metal had gained Rs 180 in last three sessions. Sovereigns remained stable at Rs 25,250 per piece of eight grams in restricted buying activity.

In line with a general weak trend, silver ready fell by Rs 335 to Rs 54,765 per kg and weekly-based delivery by Rs 360 to Rs 54,490 per kg. Silver coins also tumbled by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces on fall in demand at prevailing higher levels.


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