Gold falls Rs 140 on lacklustre demand, silver declines Rs 150
Weak demand from local jewellers led to a decline in gold prices though positive global trend capped the fall, traders said.
New Delhi: Gold prices on Friday fell by Rs 140 to Rs 35,730 per 10 grams in the bullion market here due to lacklustre demand from jewellers, according to the All India Sarafa Association.
Silver also declined by Rs 150 to Rs 42,150 per kg due to reduced offtake by industrial units and coin makers.
Weak demand from local jewellers led to a decline in gold prices though positive global trend capped the fall, traders said.
Globally, spot gold was trading marginally up at USD 1,418.80 an ounce in New York as investors remained cautious ahead of US Federal Open Market Committee (FOMC) meeting on July 31.
Silver was trading higher at USD 16.51 an ounce.
"Gold prices are currently witnessing range-bound trading weighed by optimism over US-China trade talks and a stronger dollar. We can expect speculation over the US Fed rate cut from the US GDP data to be released on Friday," said HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 140 each to Rs 35,730 per 10 grams and Rs 35,560 per 10 grams, respectively.
Sovereign gold held steady at Rs 27,500 per eight grams.
Silver ready plunged by Rs 150 to Rs 42,150 per kg and weekly-based delivery was plummeted Rs 287 to Rs 41,271 per kg.
Price of silver coins held flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.