Business Market 23 Jul 2018 Gold slides on weak ...

Gold slides on weak global cues, muted demand

PTI
Published Jul 23, 2018, 3:26 pm IST
Updated Jul 23, 2018, 3:26 pm IST
Silver recovered by Rs 65 to Rs 39,320 per kg due to increased offtake by industrial units.
A weak global trend and easing demand from local jewellers pulled down gold prices by Rs 80 to Rs 30,890 per ten gram at the bullion market on Monday, snapping its three-day rising streak.
 A weak global trend and easing demand from local jewellers pulled down gold prices by Rs 80 to Rs 30,890 per ten gram at the bullion market on Monday, snapping its three-day rising streak.

New Delhi: A weak global trend and easing demand from local jewellers pulled down gold prices by Rs 80 to Rs 30,890 per ten gram at the bullion market on Monday, snapping its three-day rising streak.

However, silver recovered by Rs 65 to Rs 39,320 per kg due to increased offtake by industrial units. Traders said apart from a weak overseas trend, fading demand from local jewellers and retailers at existing levels at the domestic spot market, weighed on gold prices.

 

Globally, gold fell 0.09 per cent to USD 1,230.40 an ounce and silver by 0.16 per cent to USD 15.48 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,890 and Rs 30,740 per ten gram, respectively. The precious metal had gained Rs 170 in three days. Sovereign however remained flat at Rs 24,700 per piece of eight gram.

On the other hand, silver ready recovered by Rs 65 to Rs 39,320 per kg, while weekly-based delivery slipped by Rs 85 to Rs 38,370 per kg. Silver coins however dropped by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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Location: India, Delhi




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