Gold prices stay soft, losses deepen on weakening demand
- Gold prices were down by another ₹30 to ₹30,490 per 10 grams on Thursday.
- Globally, gold fell 0.14% to USD 1,264.70 an ounce in Singapore.
After yesterday's steep fall of ₹730, gold prices were down by another ₹30 to ₹30,490 per 10 grams at the bullion market today, tracking a weak global trend amid muted demand from jewellers at the spot market.
Silver too remained under selling pressure and broke below the ₹43,000-mark by falling ₹400 to ₹ 42,850 per kg.
Sentiment was weak, largely in step with a sluggish trend overseas where the precious metal traded at over 3-month lows amid growing expectations that an improving US economy will prompt the Fed to boost interest rates soon, reducing the appeal of gold as a safe haven, traders said.
Globally, gold fell 0.14% to USD 1,264.70 an ounce in Singapore.
Furthermore, fading demand from jewellers and retailers at the domestic spot market fuelled the downward trend, they said.
In the national capital, gold of 99.9% and 99.5% purity declined by ₹30 each to ₹30,490 and ₹30,340 per ten grams, respectively. The precious metal had tumbled ₹730 on Wednesday -- the biggest single-day fall this year.
Sovereign, however, found scattered buying from retailers and traded higher by ₹50 to ₹24,400 per piece of eight grams.
Tracking gold, silver ready fell ₹400 to ₹42,850 per kg and weekly-based delivery ₹515 to ₹42,545 per kg.
Silver coins, too, plunged by ₹1,000 to ₹73,000 for buying and ₹74,000 for selling of 100 pieces.