Gold rates drop further, silver rates also join in
Synopsis
Gold prices fell further by ₹50 to ₹29,550 per 10 grams. Silver ready slipped by ₹580 to ₹42,070 per kg
Amid weak global trend and low demand from local jewellers, gold prices fell further by ₹50 to ₹29,550 per 10 grams at the bullion market on February 3. Silver also followed suit and saw a price drop of ₹580 to ₹42,070 per kg due to reduced offtake by industrial units and coin makers.
Apart from a weak global trend, marketmen said, tepid demand from local jewellers and retailers at the domestic spot market also kept the pressure on gold prices. Globally, gold fell by 0.16% to US $1,213.50 an ounce and silver by 0.63 per cent to the US $17.34 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity declined by ₹50 each to ₹29,550 and ₹29,400 per 10 grams, respectively. The precious metal had lost ₹150 yesterday on February 2. Sovereign, however, remained steady at Rs 24,400 per piece of eight gram.
Also READ: Gold fell by ₹150, silver on the rise
In sync with gold, silver ready slipped by ₹580 to ₹42,070 per kg and weekly-based delivery cracked below the ₹42,000-mark by falling ₹545 to ₹41,720 per kg.
On the other hand, silver coins traded at the previous level of ₹72,000 for buying and ₹73,000 for selling of 100 pieces.