New Delhi: Gold prices declined by Rs200 to Rs30,450 per 10 grams at the bullion market on Monday amid easing demand from local jewellers and weakness in global markets. However, silver strengthened by Rs50 to Rs40,900 per kg on demand from industrial units and coin makers.
Traders said a weak trend overseas, where gold declined as the dollar strengthened, weighed on gold prices here. Globally, gold rates fell 0.41% to $1,274.80 an ounce in Singapore. Besides, they said, end of festive season demand from local jewellers and retailers at domestic spot market dampened the buying sentiment.
In the national capital, gold of 99.9% and 99.5% purity fell further by Rs200 each to Rs30,450 and Rs30,300 per 10 grams, respectively. The precious metal had lost Rs350 in the previous two sessions. Sovereign, however, remained unaltered at Rs24,700 per piece of eight grams.
On the other hand, silver ready advanced by Rs50 to Rs40,900 per kg and weekly-based delivery recaptured the Rs40,000-mark by rising Rs835 to Rs40,710 per kg on speculative buying. Silver coins, however, remained flat at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.