Gold Loses Rs. 100 On Weak Global Trend


New Delhi: Gold lost Rs. 100 to Rs. 31,700 per ten gram at the bullion market today, tracking a weak trend overseas amid tepid demand from local jewellers.

Silver followed suit and plunged by Rs. 535 to Rs. 39,440 per kg due to reduced offtake by industrial units and coin makers.

Traders attributed the decline in gold prices to a weak trend overseas as the dollar rebounded from over three-year lows, while investors waited for the minutes of the latest Federal Reserve meet for clues on the outlook for US interest rates.
Gold fell 0.62 per cent to $1,337.70 an ounce and silver by 1.05 per cent to $16.47 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved down by Rs. 100 each to Rs. 31,700 and Rs. 31,550 per ten gram, respectively. It had gained Rs. 50 yesterday.

Sovereign however remained flat at Rs. 24,800 per piece of eight gram.

In sync with gold, silver ready dropped by Rs. 535 to Rs. 39,440 per kg and weekly-based delivery by Rs. 290 to Rs. 38,295 per kg.

Silver coins, however, continued to be traded at last level of Rs. 74,000 for buying and Rs.
Traders attributed the decline in gold prices to a weak trend overseas as the dollar rebounded from over three-year lows.
Source-NDTV

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