Gold prices fell by Rs 20 per 10 grams at the bullion market today due to slackened demand from jewelers and retailers.
Snapping its four-day rising streak, gold prices fell by Rs 20 at Rs 27,230 per 10 grams at the bullion market today due to slackened demand from jewelers and retailers at prevailing levels amid a weak trend overseas. Silver also met with resistance and dropped by Rs 500 at Rs 38,000 per kg.
Traders said apart from easing demand from jewelers and retailers at existing levels, a weak global trend mainly led to the decline in prices of the precious metals.
Gold in Singapore, which normally sets price trend on the domestic front, traded a shade lower at $1,213.21 an ounce from yesterday’s $1,214.84 and silver declined 0.3 per cent to $16.93 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each at Rs 27,230 and Rs 27,080 per 10 grams, respectively.
The precious metal had gained Rs 675 in previous four sessions. The sovereign, however, remained steady at Rs 23,700 per piece of eight grams in limited deals.
On the other hand, silver ready dropped by Rs 500 at Rs 38,000 per kg and weekly-based delivery by Rs 290 at Rs 37,890 per kg. Silver coins, however, continued to be traded at last level of Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.