Gold Prices Slip Further But Still Near 6-Year High

New Delhi: Falling for the second straight day, gold prices on Saturday edged lower by Rs 40 to Rs 32,550 per 10 grams at the bullion market amid tepid demand from local jewellers and a weak trend overseas. But gold prices still remained near six-year high levels.

Gold had risen by Rs 125 on Thursday to over six-year high of Rs 32,625 per 10 grams, buoyed by festive and wedding season demand. But higher prices hit domestic demand, traders said. Gold prices had also slipped by Rs 35 on Friday.

Traders said apart from a weak trend overseas, fall in demand from local jewellers and retailers at the high domestic spot markets kept pressure on gold prices. Globally, gold eased to $1,233.80 an ounce in New York on Friday but still remained near three-month highs.

Silver prices, however, on Saturday recovered by Rs 100 to Rs 39,600 per kg on back of increased offtake by industrial units.

The recent turmoil in global financial markets helped support global gold prices, said analysts.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 40 each to Rs 32,550 and Rs 32,400 per 10 grams respectively. It had lost Rs 35 on Friday. Sovereign gold, also weakened by Rs 100 to Rs 24,700 per piece of eight grams.

Silver coins, however, were unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

On the other hand, silver ready staged a comeback by rising Rs 100 to Rs 39,600 per kg, while silver weekly based delivery fell by Rs 50 to Rs 38,710 per kg.

Spread the love

Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

Leave a Comment