Gold, silver prices end lower on global cues, gold down by Rs 200 per 10 grams
Mumbai: Many thought that gold price will go up. But the opposite seems to be happening right now. Gold prices are going throw a slide that no one had thought coming.
Even on Akshaya Tritiya, the much promised surge in demand or price didnâ€™t happen. And since then the price of gold and silver too have dropped and further dropped.
In the meantime earlier today the price of gold dropped by as much as Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market. Market analysts believe that it is because of the weak overseas cues and easing demand from jewelers from within the country.
Silver that looked very promising last year is also dragging down. It also went down by Rs 350 to Rs 36,250 per kg due to reduced offtake by industrial units and coin makers. Bullion traders said a weak trend overseas where gold was priced at lowest level in over one week after signs of a recovery in the US economy supported the case for higher borrowing costs, mainly influenced sentiments.
The downward slide was not limited to India. Globally, gold in Singapore, which normally sets price trend on the domestic front, fell 0.2 per cent to $1,184.45 an ounce, the lowest since April 14. In the national capital, gold of 99.9 and 99.5 per cent purity dropped by Rs 200 each to Rs 27,000 and Rs 26,850 per 10 grams, respectively. It had gained Rs 100 on Wednesday. The Sovereign, however, remained flat at Rs 23,700 per piece of eight grams in restricted buying.
So gold and silver are both going down. In line with gold, silver ready also declined by Rs 350 to Rs 36,250 per kg and weekly-based delivery by Rs 245 to Rs 35,940 per kg. Silver coins, however, continued to trade at previous levels of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.
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