Weak demand, global cues soften gold
New Delhi, Feb 21 :Gold tumbled by Rs 250 to Rs 31,450 per ten gram at the bullion market today in tandem with a weakening global trend amid easing demand from local jewellers.
Silver followed suit and slipped by Rs 140 to Rs 39,300 per kg on reduced offtake by industrial units and coin makers.
Traders said gold prices took a hit owing to a weak global trend as the dollar remained firm, while investors awaited the minutes of the US Fed’s last policy meeting.
Globally, gold fell 0.21 per cent to USD 1,325.90 an ounce and silver by 0.18 per cent to USD 16.39 an ounce in Singapore today.
Besides, easing demand from local jewellers and retailers at domestic spot market weighed on gold prices.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 250 each to Rs 31,450 and Rs 31,300 per ten gram, respectively. It had lost Rs 100 yesterday.
Sovereign however remained unaltered at Rs 24,800 per piece of eight gram in limited deals.
In sync with gold, silver ready eased further by Rs 140 to Rs 39,300 per kg and weekly-based delivery by Rs 105 to Rs 38,190 per kg.
Silver coins however maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.