Gold Falls In Price Tracking Global Cues And Weak Local Demand

Gold which got some lift on the back of global geo-political landscape and rising crude fell again in price owing to subdued overseas trend and weak demand in the local market. Gold shed Rs. 50 in price at Rs. 32,400 for 10 gms. In line, silver also declined in price by Rs. 150 to Rs 40,550 per kg.

Gold in the international markets also fell by 0.54% to $1,322.60 per ounce.
In the national capital, 99.9% and 99.5% gold traded at 32,400 and Rs 32,250 per 10 grams, respectively. Sovereign on the other hand remained flattish at Rs 24,800 per piece of eight grams.

Internationally, strong dollar and rising yields in the US markets pressured the yellow metal to five-week lows. Also, the sentiment got a dampener with demand from retailers and lower jewelers subsiding at the current price level.

Silver also declined by Rs. 150 to Rs 40,550 per kg.

With PTI Inputs.