Gold Slips Rs 25 to Rs 34,450; Silver down Rs 320

Gold prices on Wednesday declined marginally by Rs 25 to Rs 34,450 per 10 gram at the bullion market in the national capital on muted demand from jewellers, according to the All India Sarafa Association. Silver also slumped Rs 320 to Rs 41,380 per kg on subdued offtake from industrial units and coin makers.

Traders attributed the decrease in the prices of the yellow metal to lacklustre demand from local jewellers amid weak trend overseas. Globally, gold traded lower at USD 1,313.58 an ounce, while silver was also down at USD 15.75 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped Rs 25 each to Rs 34,450 and Rs 34,300 per 10 gram, respectively. Sovereign gold, however, held steady at Rs 26,100 per piece of eight grams. Silver ready declined by Rs 320 to Rs 41,380 per kg, while weekly-based delivery witnessed a fall of Rs 322 to Rs 40,323 per kg. On the other hand, silver coins were flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

Globally, gold prices held firm on Wednesday after US President Donald Trump, in his State of the Union speech, vowed to build a border wall and gave little clarity over the ongoing trade discussions with China, but a firmer dollar capped bullion’s gains, according to reports.  Sovereign gold, however, held steady at Rs. 26,100 per piece of eight grams. The precious metal gained marginally by Rs. 25 on Tuesday.

Courtesy: PTI

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