New Delhi: Gold prices on Wednesday inched down by Rs15 to Rs30,750 per 10 grams, halting four-session gains, due to muted demand from local jewellers at prevailing levels coupled with subdued global trend. Silver prices, however, recaptured the Rs41,000-mark by rising Rs75 to Rs41,065 per kg on increased offtake by industrial units and coin makers.
Traders said fall in demand from local jewellers and retailers at existing higher levels at domestic spot market and weak trend overseas led to decline in gold prices. Globally, gold fell 0.02% to $1,287.10 an ounce in Singapore.
Besides, the prices of gold were also influenced by a weak trend overseas as investors awaited the release of the US Federal Reserve’s minutes from its September meeting for clues on further interest rate hikes this year.
In New Delhi, gold of 99.9% and 99.5% purity declined by Rs15 each to Rs30,750 and Rs30,600 per 10 grams, respectively. The precious metal had gained Rs390 in the previous four days. Sovereign, however, remained steady at Rs24,700 per piece of eight grams.
On the other hand, silver ready advanced by Rs75 to Rs41,065 per kg and weekly-based delivery traded higher by a similar margin to Rs40,265 per kg. Silver coins continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.