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Gold falls on weak global cues, lacklustre demand

file photo Photograph: (Reuters)

PTI New Delhi, Delhi, India Jul 12, 2018, 05.22 PM (IST)

Gold shed Rs 140 to Rs 31,210 per ten gram today in line with a subdued trend overseas and muted demand from local jewellers.

Silver followed suit and slipped by Rs 470 to Rs 40,030 per kg owing to reduced offtake by industrial units and coin makers.

Marketmen said apart from a weak global trend, falling demand from local jewellers and retailers at domestic spot market kept the precious metal lower.

Globally, gold fell 1.12 per cent to US $ 1,241 an ounce and silver by 1.53 per cent to US $ 415.78 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 140 each to Rs 31,210 and Rs 31,060 per ten gram, respectively. The precious metal had lost Rs 300 in the last two days.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight gram.

Tracking gold, silver ready dropped by Rs 470 to Rs 40,030 per kg and weekly-based delivery by Rs 380 to Rs 39,230 per kg.

Silver coins, however, maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. 

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