Gold remains weak on sluggish demand from jewellers

Source: PTI

Tepid demand from jewellers and retailers following end of wedding season mainly kept pressure on gold prices but a better trend overseas as a drop in the dollar boosted appeal of the metal, capped the losses.

  Continuing its slide for the second straight day, gold prices fell by Rs.60 to Rs.25,550 per ten grams at the bullion market on Thursday, largely dragged down by fall in demand from jewellers as well as retailers, even as the metal strengthened overseas. However, silver firmed up by Rs.200 to Rs.34,300 per kg on increased offtake by industrial units and coin makers. Marketmen said tepid demand from jewellers and retailers following end of wedding season mainly kept pressure on gold prices but a better trend overseas as a drop in the dollar boosted appeal of the metal, capped the losses. Globally, gold rose 0.3% to $1,074.12 an ounce in Singapore on Thursday, while it lost 0.2% to $1,070.20 an ounce in New York on Wednesday. In the national capital, gold of 99.9 and 99.5% purity declined by Rs.60 to Rs.25,550 and Rs.25,400 per ten grams respectively. It plunged by Rs.140 on Wednesday. Sovereign, however, held steady at Rs.22,200 per piece of eight grams. On the other hand, silver ready rose by Rs.200 to Rs.34,300 per kg and weekly-based delivery by a similar margin to Rs.34,380 per kg. Meanwhile, silver coins remained steady at Rs.48,000 for buying and Rs.49,000 for selling of 100 pieces.  

December 24, 2015 | 6:14pm IST.