Gold weakens on global cues, muted demand

Prime News, National, Business, New Delhi, July 30:- Amid a weak overseas trend and easing demand from local jewellers, gold prices slipped by Rs 30 to Rs 30,750 per ten gram at the bullion market today.

Silver followed suit and shed Rs 25 to Rs 39,200 per kg owing to reduced off take by industrial units and coin makers.

Marketmen said sentiment turned bearish owing to subdued trend overseas where gold weakened today as the dollar stood tall against its peers ahead of key central bank meetings and US inflation and payrolls data this week.

Globally, gold fell 0.28 per cent to USD 1,219.80 an ounce and silver by 0.52 per cent to USD 15.39 an ounce in Singapore.

Besides, muted demand from local jewellers and retailers at the domestic spot markets too dampened the sentiment, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 30 each to Rs 30,750 and Rs 30,600 per 10 gram, respectively. The precious metal had gained Rs 40 in Saturday’s trade.

Sovereign also traded lower by Rs 100 to Rs 24,600 per piece of eight gram.

In a similar fashion, silver ready fell by Rs 25 to Rs 39,200 per kg and weekly-based delivery by Rs 155 to Rs 38,170 per kg.

Silver coins however traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. (Inputs: Agencies, NGB)

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