Gold prices snaps 2-day rally, slips on reduced offtake

Gold prices on Friday snapped two days of gains, falling by Rs 10 to Rs 32,400 per 10 gram in the national capital, on reduced offtake at existing higher levels amid a weak global trend.

Weak global trend, as investors weighed speculation that the US Fed will delay a reduction in stimulus against signs of reduced demand in world's biggest consumer - China, also influenced the sentiment, traders said.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to $1,340.44 an ounce and silver by 1.2 per cent to $22.42 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 10 each to Rs 32,400 and Rs 32,200 per ten gram, respectively. It had gained Rs 785 in last two days.

Sovereign held steady at Rs 25,300 per piece of eight gram.

Similarly, silver ready dropped by Rs 750 to Rs 49,450 per kg and weekly-based delivery by Rs 350 to Rs 49,650 per kg. The white metal had surged by Rs 1,190 on Wednesday.

On the other hand, silver coins continued to be asked at last level of Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

Gold, silver prices zoom on seasonal demand

Gold prices surged by Rs 305 to Rs 31,930 per ten gram in the national capital on Wednesday on brisk buying by stockists and jewellers to meet the rising seasonal demand amid strong global trend.

Silver prices too zoomed by Rs 1,190 to Rs 50,200 per kg on increased offtake by industrial units and coin makers for coming festivals led by Diwali and ongoing marriage season.

Silver and gold coins, which are normally used for pooja on Diwali and gifting purpose during marriage celebrations, remained in keen demand.

Firm global trend after payrolls in the US climbed, increasing speculation the Federal Reserve will maintain monetary stimulus to boost the economy, also influenced the sentiment, traders said.

Gold in New York, which normally sets price trend on the domestic front, climbed 2 per cent to $1,342.60 an ounce, nearing the highest level since September 30. Silver also climbed 2.3 per cent to $22.79 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 305 each to Rs 31,930 and Rs 31,730 per ten gram, respectively, while sovereign held steady at Rs 25,300 per piece of eight gram.

In a similar fashion, silver ready surged by Rs 1,190 to Rs 50,200 per kg and weekly-based delivery by Rs 700 to Rs 50,000 per kg. However, silver coins held steady at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

Gold price slips from 3-week high, down Rs 315

 
Gold prices slipped from a three-week high on Monday, losing Rs 315 to Rs 30,885 per 10 grams in New Delhi, on profit-selling at prevailing higher levels.

Traders said sluggish demand due to ongoing 'Shradh' period also influenced the sentiment.

Gold of 99.9 and 99.5 per cent purity plunged by Rs 315 each to Rs 30,885 and Rs 30,685 per ten grams, respectively.

It had climbed to a three-week high of Rs 31,200 in the previous session.

Sovereign also lacked necessary follow-up support and declined by Rs 100 to Rs 25,000 per piece of eight gram.

In line with a general weak trend, silver ready declined by Rs 100 to Rs 49,580 per kg and weekly-based delivery by Rs 20 to Rs 49,580 per kg. The white metal had surged by Rs 1,225 in the previous session.

However, silver coins held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.