Gold, silver drops on low demand, global cues

January 29, 2015 02:42 pm | Updated 02:42 pm IST - New Delhi

Kochi: A customer buys gold from a Jewellery showroom in Kochi on Wednesday after the gold prices plummeted. PTI Photo(PTI4_17_2013_000137A)

Kochi: A customer buys gold from a Jewellery showroom in Kochi on Wednesday after the gold prices plummeted. PTI Photo(PTI4_17_2013_000137A)

After Wednesday’s rebound, gold lost its sheen with prices falling by Rs.120 to Rs. 28,300 per ten grams at the bullion market Thursday owing to slackened demand at prevailing levels amid weak global cues.

Silver also dropped by Rs. 420 to Rs. 39,100 per kg on reduced off-take by industrial units and coin makers.

Traders said apart from fall in demand from jewellers and retailers at domestic markets, a weak global trend as strengthening dollar reduced appeal for the precious metals, mainly influenced the sentiment.

Gold in Singapore, which normally set price trend on the domestic front, fell by 0.5 per cent to USD 1,278.27 an ounce and silver by 0.9 per cent to USD 17.84 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs. 120 each to Rs. 28,300 and Rs. 28,100 per ten grams respectively. It had gained Rs. 120 on Wednesday.

Sovereign, however, continued to be traded at last level of Rs. 24,000 per piece of eight grams.

In line with a general weak trend, silver ready moved down by Rs. 420 to Rs. 39,100 per kg and weekly-based delivery by Rs. 328 to Rs. 39,160 per kg.

Silver coins also plunged by Rs. 1,000 to Rs. 64,000 for buying and Rs 65,000 for selling of 100 pieces.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.