Gold prices fall

Gold prices fall further by Rs50 to Rs30,400 per 10 grams, mostly on account of slack demand from jewellers, ignoring a firm trend overseas.

New Delhi: Gold prices fell further by Rs50 to Rs30,400 per 10 grams on Wednesday, mostly on account of slack demand from jewellers, ignoring a firm trend overseas. Silver also remained under selling pressure and shed Rs50 to Rs40,350 per kg.

Market analysts said tepid demand from jewellers and retailers at the domestic spot market weighed heavy on the yellow metal, but a better trend overseas limited the losses. Globally, gold rates rose by 0.25% to $1,283.20 an ounce and silver by 0.38% to $17 an ounce in Singapore. Trading volume remained thin due to diversion of funds by investors towards the soaring equity markets, they said.

In the national capital, gold of 99.9% and 99.5% purity drifted down by Rs50 each to Rs30,400 and Rs30,250 per 10 grams, respectively. The precious metal has lost Rs325 over the past two days. Sovereign, however, ruled flat at Rs24,700 per piece of eight grams.

In a similar fashion, silver ready and weekly-based delivery moved down by Rs50 each to Rs40,350 per kg and Rs39,345 per kg, respectively. Silver coins, however, remained steady at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.