Gold sheds Rs 150 on weak global cues, tepid demand

New Delhi: Gold tumbled by Rs 150 to Rs 30,250 per ten gram at the bullion market on Friday, hit by a subdued trend overseas and falling demand from local jewellers. Silver too faced selling pressure and lost Rs 125 to Rs 39,200 per kg.

Traders said the global weakness of precious metals as higher dollar against a basket of currencies overseas dented safe haven appeal of gold, dampened sentiments here.

Globally, gold fell 0.69 per cent to USD 1,274.60 an ounce in New York on Thursday. A considerable drop in demand from jewellers and retailers at existing levels too hit the sentiment, they said.

In the national capital, 99.9 per cent and 99.5 per cent purity gold drifted lower by Rs 150 each to Rs 30,250 and Rs 30,100 per ten gram, respectively. The yellow metal had lost Rs 120 on Thursday. Sovereign however traded flat at Rs 24,700 per piece of eight gram in scattered deals.

In sync with overall trend, silver ready slipped by Rs 125 to Rs 39,200 per kg and weekly-based delivery by Rs 210 to Rs 37,710 per kg. Silver coins also came under some pressure and fell by Rs 1,000 to trade at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.