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Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
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Gold prices fell Rs100 to Rs31,900 per 10 grams at the bullion market on Friday owing to slackened demand from local jewellers amid weak global cues.
Silver prices followed suit and cracked below the Rs41,000-mark by plunging Rs450 to Rs40,600 per kg due to reduced offtake by industrial units and coin makers. Traders said muted demand from local jewellers as well as retailers at the domestic spot market and a weak trend overseas mainly kept gold prices down for the second day.
Globally, gold rate fell 0.23% to $1,297.30 an ounce and silver 0.58% at $16.39 an ounce in New York in Thursday’s trade.
In the national capital, gold of 99.9% and 99.5% purity declined by another Rs100 each to Rs31,900 and Rs31,750 per 10 grams, respectively. The yellow metal had lost Rs90 on Thursday. Sovereign, however, remained flat at Rs24,800 per piece of eight grams.
Following gold, silver ready dropped by Rs450 to Rs40,600 per kg and weekly-based delivery shed Rs445 to Rs39,680 per kg. On the other hand, silver coins maintained a steady trend at Rs76,000 for buying and Rs77,000 for selling of 100 pieces.
