Gold falls Rs 120 on weak global cues, low demand
New Delhi: Gold costs fell by Rs 120 to Rs 32,200 per 10 gram on the bullion market on Monday, monitoring a weak pattern abroad and muted demand from native jewellers.
Silver additionally dropped by Rs 150 to Rs 40,300 per kg on account of decreased offtake by industrial items and coin makers.
Merchants stated a weak pattern abroad as power in greenback towards some currencies eroded enchantment of the dear metallic as a safe-haven funding and fading demand from native jewellers on the home spot markets pulled down gold costs.
Globally, gold fell by zero.43 p.c to USD 1,316.90 an oz and silver by zero.36 p.c to USD 16.40 an oz in Singapore.
Within the nationwide capital, gold of 99.9 p.c and 99.5 p.c purity slumped by Rs 120 every to Rs 32,200 and Rs 32,050 per 10 grams, respectively. The dear metallic had gained Rs 110 on Saturday.
Sovereign, nevertheless, remained unaltered at Rs 24,800 per piece of eight grams.
In sync with gold, silver prepared declined by Rs 150 to Rs 40,300 per kg. Silver weekly-based supply too fell by an identical margin to commerce at Rs 38,855 per kg.
Silver cash, nevertheless, held regular at Rs 75,000 for purchasing and Rs 76,000 for promoting of 100 items.