New Delhi: Gold prices drifted lower by Indian Rs90 to Rs27,860 per 10 grams on Thursday, tracking a weak trend in global market and a fall in demand from local jewellers due to scarcity of funds.
Silver also cracked below the Rs39,000-mark by plunging Rs750 to Rs38,900 per kg on poor offtake by industrial units and coin makers. Traders said that apart from a weak trend overseas, considerable drop in demand from jewellers and retailers at domestic spot market, hit by prevailing cash crunch due to demonetisation, weighed on the precious metal prices.
On November 8, the government had announced its decision to demonetise Rs500 and Rs1,000 notes in a bid to flush out black money, leading to the cash drought. Globally, moving in a narrow range ahead of the holidays and US economic data, gold was trading fractionally lower at $1,130.50 an ounce in Singapore. Silver was down 0.31% at $15.85 an ounce.
n the national capital, 99.9% and 99.5% purity gold fell by Rs90 each to Rs27,860 and Rs27,710 per 10 grams, respectively.
The yellow metal had gained Rs100 in Wednesday’s trade. Sovereign, however, continued to be traded at previous level of Rs24,000 per piece of eight grams in scattered deals.
In tune with gold, silver ready plunged by Rs750 to Rs38,900 per kg and weekly-based delivery by Rs730 to Rs38,945 per kg. On the other hand, silver coins remained unaltered at Rs70,000 for buying and Rs71,000 for selling of 100 pieces. PTI
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