Falling for the sixth straight session, gold prices today declined by another Rs 125 to Rs 28,725 per 10 gram at the bullion market, hit by a slackened demand from jewellers amid weakening global cues. Silver also remained under selling pressure and moved down by Rs 225 to Rs 38,575 per kg. Traders said apart from a weakening global trend, decline in demand from local jewellers and retailers at domestic spot market has been putting pressure on the prices of the precious metal.
Globally, gold fell 0.01 per cent to $1,227.90 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 125 each to Rs 28,725 and Rs 28,575 per 10 grams, respectively. The precious metal had lost Rs 700 in the previous five sessions.
Sovereign, however, continued to be traded at previous level of Rs 24,300 per piece of eight gram. Similarly, silver ready eased further by Rs 225 to Rs 38,575 per kg and weekly-based delivery by Rs 385 to 37,760 per kg. On the other hand, silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.