A weak overseas trend when metals’ prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here.
Gold fell by Rs 25 to Rs 31,090 per 10 gram in tandem with a weak global trend and muted demand from local jewellers. Silver too shed Rs 115 to Rs 39,915 per kg on low offtake from industrial units and coin makers.
A weak overseas trend when metals’ prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here.
Demand for the precious metals also waned on expectations of higher US interest rates.
Globally, gold fell 0.47 percent to $1,241 an ounce and silver by 0.88 percent to $15.79 an ounce in New York yesterday.
Moreover, erosion in demand from local jewellers and retailers at domestic spot market fulled the downtrend, they said.
In the national capital, gold of 99.9 percent and 99.5 percent purity fell by Rs 25 each to Rs 31,090 and Rs 30,940 per ten gram, respectively. It had lost Rs 535 in last four days.
Sovereign however held steady at Rs 24,800 per piece of eight gram.
In sync with gold, silver ready traded lower by Rs 115 to Rs 39,915 per kg and weekly-based delivery by Rs 220 to Rs 39,045 per kg.
Silver coins however held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
