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Rediff News  All News  » Business » Gold prices fall on global cues; silver up

Gold prices fall on global cues; silver up

July 03, 2014 15:53 IST

Gold jewelleryGold prices fell by Rs 100 to Rs 28,400 per 10 grams in the national capital on Thursday on sustained selling by stockists in tandem with a weakening global trend.

However, silver found fresh buying support from industrial units and recovered by Rs 100 to Rs 44,900 per kg.

Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.

Gold in London, which normally sets price trend on the domestic front, fell 0.4 per cent to $1,322.13 an ounce.

Sluggish domestic demand due to off-season for marriages also influenced gold prices to some extent, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 28,400 and Rs 28,200 per 10 grams, respectively.

It had lost Rs 230 in Wednesday's trade.

Sovereign, however, remained flat at Rs 24,900 per piece of eight grams.

On the other hand, silver ready recovered by Rs 100 to Rs 44,900 per kg while weekly-based delivery held steady at Rs 44,320 per kg.

The white metal had gained Rs 500 on Wednesday.

Silver coins, however, remained steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces on scattered deals.

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