Gold logs more losses on muted demand, slides Rs 250
Silver also cracked below the Rs 42,000-mark by plunging Rs 600 to Rs 41,500 per kg.
New Delhi: Gold prices went down for the fourth straight day — this time by Rs 250 — to Rs 29,250 per 10 grams, in sync with a weakening global trend amid slack demand from local jewellers.
Silver also cracked below the Rs 42,000-mark by plunging Rs 600 to Rs 41,500 per kg following reduced offtake by industrial units and coin makers.
Traders said gold fell globally on the growing buzz that the US interest rate is set to go up next week, which would reduce appeal of the metal as an alternative asset.
Globally, gold fell 0.3 per cent to USD 1,204.28 an ounce in Singapore.
In addition, dwindling demand from local jewellers and retailers at the domestic spot market following the end of the wedding season kept the prices depressed.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 250 each to Rs 29,250 and Rs 29,100 per 10 grams, respectively. The precious metal had lost Rs 600 in the previous three sessions.
Sovereign also declined by Rs 100 to Rs 24,300 per piece of eight grams.
Following gold, silver ready dropped further by Rs 600 to Rs 41,500 per kg and weekly-based delivery by Rs 785 to Rs 41,155 per kg.
Silver coins too nosedived by Rs 2,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.