Gold falls on muted demand from jewellers despite Akshaya Tritiya

Gold prices by ₹50 to ₹32,670 per 10 gram; Silver too shed a marginal ₹10 to trade at ₹38,120 per kg

Tepid demand from jewellers pulled down gold prices by ₹50 to ₹32,670 per 10 gram at the bullion market in New Delhi on May 7, according to the All India Sarafa Association.

Silver too shed a marginal ₹10 to trade at ₹38,120 per kg.

According to traders, fall in demand from local jewellers and retailers at the domestic spot market led to the dip in gold prices despite Akshaya Tritiya, a day considered auspicious to buy gold.

Globally, spot gold was trading marginally higher at $1,282.20 an ounce, while silver was down at $14.92 an ounce in New York.

In the national capital, gold of 99.9% and 99.5% purity dropped by ₹50 to ₹32,670 and ₹32,500 per 10 gram, respectively

Sovereign gold held steady at ₹26,400 per eight gram.

Silver ready fell by ₹10 to ₹38,120 per kg and weekly-based delivery gained ₹44 to ₹37,334 per kg.

Silver coins held flat at ₹79,000 for buying and ₹80,000 for selling of 100 pieces.

Source: Read Full Article