Gold falls on weak global cues, lacklustre demand

Gold shed ₹50 to ₹33,170 per 10 gram on Tuesday in line with subdued trend overseas and muted demand from local jewellers, according to the All India Sarafa Association.

Silver followed suit and slipped by ₹100 to ₹39,100 per kg owing to reduced offtake by industrial units and coin makers.

Marketmen said a weak global trend was largely responsible for the fall in prices of the yellow metal.

In the international market gold eased, after hitting one-month high in the previous session, as a slight recovery in share markets and U.S. Treasury yields reduced some of the precious metal’s safe-haven appeal and slackened demand from local jewellers and retailers at domestic spot market.

Globally, gold fell 0.24% to $1,319.20 an ounce and silver by 0.35% to $15.56 an ounce in New York on March 26.

In the national capital, gold of 99.9% and 99.5% purity fell by ₹50 each to ₹33,170 and ₹33,000 per ten gram, respectively.

The precious metal had gained ₹170 in Monday’s trade.

Sovereign gold, however, remained unaltered at ₹26,400 per piece of eight gram.

Tracking gold, silver ready dropped by ₹50 to ₹39,100 per kg while weekly-based delivery traded a shade higher at ₹38,365 per kg.

Silver coins however maintained a steady trend at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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