Gold moved lower for the seventh day today in the national capital — this time by Rs 175 to Rs 28,550 per 10 grams — chiefly because of a drop in local demand even as it saw a slight bounce overseas. Silver, too, declined further by Rs 225 to Rs 38,350 per kg — a sign of softness in orders from industrial units and coin makers. The persistent fall in the yellow metal prices is seen as a direct outcome of fading demand from local jewellers and strength in the rupee that made its imports cheaper.
The rupee remained upwardly mobile by 19 paise at 64.19 against the dollar (intra-day). Analysts said recovery in both the precious metals — gold and silver — in the global market, however, pulled back the fall. Globally, gold prices firmed up 0.24 per cent to USD 1,230.90 an ounce in Singapore after pro-European centrist Emmanuel Macron won the French presidential election.
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In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 175 each to Rs 28,550 and Rs 28,400 per 10 grams, respectively. The precious metal had lost Rs 825 in the previous six days. Sovereign, however, held steady at Rs 24,300 per piece of eight grams.
Following gold, silver ready traded lower by Rs 225 to Rs 38,350 per kg while weekly-based delivery went up by Rs 395 to Rs 38,155 per kg. Silver coins continued to be traded at the previous level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.