Gold prices fell Rs 120 while silver got costlier by Rs 50 on Friday at New Delhi bullion market. The most demanded precious metal gold had been on a cyclical path since December 2017. Today, gold prices extended losses, falling further by Rs 120 to Rs 30,830 per 10 grams at the owing to weak demand from jewellers despite a firm trend in overseas markets. Yesterday, gold prices saw a decline of Rs 150 per 10 grams. On their hand, silver recovered by Rs 50 to Rs 39,850 per kg on scattered enquiries from industrial units and coin makers.
“Marketmen said gold dropped due to a weak demand from local jewellers and retailers but a better trend overseas limited the slide,” PTI reported.
Globally, gold was trading higher by 0.38% to $1,331.40 an ounce and silver by 0.59% to $17.03 an ounce in Singapore. Trading volume remained thin due to a diversion of funds by investors towards soaring equity markets, PTI reported citing unidentified experts. In the national capital Delhi, gold of 99.9% and 99.5% purity fell by another by Rs 120 each to Rs 30,830 and Rs 30,680 per 10 grams, respectively. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.
On the other hand, silver ready recovered by Rs 50 to Rs 39,850 per kg and weekly-based delivery by Rs 30 to Rs 38,990 per kg. Silver coins continued to be traded at a previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. Earlier on Monday this week, Gold prices saw a steep rise of Rs 500 per 10 grams in a 10-day period while silver coins price saw a rise of Rs 1,000 per kg in the corresponding duration on the back of rising wedding season buying.
Meanwhile among the domestic equities today, the party in Dalal Street continued with Sensex and Nifty hitting fresh lifetime highs buoyed by a surge in financial stocks. The 30-share BSE Sensex rallied 251.29 points or 0.71 percent to 35,511.58, and the 50-share NSE Nifty rose 77.7 points or 0.72%to 10,900. In the 30-share Sensex, Adani Ports, SBI, ICICI Bank, Yes Bank, Axis Bank shares rallied by more than 2% each. During the day, the benchmark Sensex rose 281.88 points to hit a record high of 35,542.17 while the wider Nifty inched up 89.85 points to hit an all-time high of 10,906.85.