Gold advances for 4th day, mirrors global trend
Tracking a firm global trend and continued buying by local jewellers, gold maintained its upward trend for the fourth day…
Gold prices fell by Rs.70 to trade at nearly two-week low of Rs.31,000 per ten grams at the bullion market on Friday, tracking a weak trend overseas amid slackened demand from jewellers at domestic spot market.
Silver also dropped by Rs.350 to Rs.45,100 per kg on reduced offtake by industrial units and coin makers.
Traders said besides a weak trend overseas, easing demand from jewellers and retailers at domestic spot market led to decline in gold prices.
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Globally, gold fell by 0.08 per cent to $1,313.10 an ounce and silver by 0.13 per cent to $18.93 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs.70 each to Rs.31,000 and Rs.30,850 per ten grams respectively, a level last seen on September 3.
Bullion market remained closed on Thursday on account of ‘Anant Chaturdashi’ and ‘Ganesha Visarjan’.
Sovereign, however, remained steady at Rs.24,400 per piece of eight grams.
Silver ready slipped by Rs.350 to Rs.45,100 per kg, while weekly-based delivery by Rs.5 to Rs.45,580 per kg.
Silver coins, however, remained unaltered at Rs.75,000 for buying and Rs.76,000 for selling of 100 pieces.
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