Slack demand from jewellers pulls down gold prices by Rs 70

New Delhi: Gold prices declined by Rs 70 to Rs 29,250 per 10 grams at the bullion market today owing to slack demand from local jewellers even as the yellow metal strengthened overseas. Silver continued to remain weak and eased further by Rs 50 to Rs 39,100 per kg due to reduced offtake from industrial units and coin makers.

Traders said that a fall in demand from local jewellers and retailers at domestic spot market mainly led to the decline in gold prices, but better trend overseas capped the fall. Globally, gold rose by 0.07 per cent to USD 1,267.00 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 70 each at Rs 29,250 and Rs 29,100 per 10 grams, respectively. It had gained Rs 20 in yesterday’s trade. Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

Silver ready drifted lower by Rs 50 to Rs 39,100 per kg while weekly-based delivery went down by Rs 15 to Rs 38,950 per kg. On the other hand, silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.