Gold Silver Reports (GSR) – Gold Prices Continue Down on Muted Demand — Gold prices slipped by Rs75 to Rs31,875 per 10 grams at the bullion market on Monday on easing demand from local jewellers amid weak trend overseas. Silver prices cracked below the Rs41,000-mark by falling Rs440 to Rs40,760 per kg due to reduced offtake by industrial units and coin makers.
Traders said sentiment remained downbeat due to fall in demand from local jewellers and a weak trend overseas, as the dollar rose, reducing the precious metals’ safe-haven appeal after China and the US struck a deal to avert a trade war.
Globally, gold rate fell 0.74% to $1,282.30 an ounce and silver by 0.94% to $16.27 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity declined by Rs75 each to Rs31,875 and Rs31,725 per 10 grams, respectively. The yellow metal had lost Rs40 in Saturday’s trade. Sovereign, however, remained flat at Rs24,800 per piece of eight grams.
In sync with gold, silver ready dropped by Rs440 to Rs40,760 per kg and weekly-based delivery by Rs250 to Rs39,945 per kg. On the other hand, silver coins continued to be traded at the last level of Rs75,000 for buying and Rs76,000 for selling of 100 pieces. – Neal Bhai Reports (NBR)
