Lack of demand effects gold and silver market : Price slashed again

Gold prices on Friday fell Rs. 170 to Rs. 32,850 per 10 grams, registering its second day of decline due to lack of demand in the domestic market. Silver also followed gold by declining Rs. 350 to Rs. 38,200 per kg on decreased offtake by industrial units and coin makers. Reduced demand from local jewellers as well as retail buyers led to the fall in gold prices.

Globally, gold prices inched up on Friday, a day after the metal posted its biggest daily percentage decline in two weeks, as the dollar and Asian equities slipped, reported news agency Reuters.

Spot gold was up 0.1 per cent at to $1,293.30 per ounce in intraday trade, after touching a one-week low on Thursday. US gold futures gained 0.2 per cent to $1,295.40 an ounce.

In Delhi, gold of 99.9 per cent and 99.5 per cent purities fell by Rs. 170 each to Rs. 32,850 and Rs. 32,680 per 10 grams, respectively. On Thursday, the yellow metal had fallen by Rs. 50.

Silver ready slumped by Rs. 350 to Rs. 38,200 per kg, while weekly-based delivery dropped Rs. 333 to Rs. 37,227 per kg. On the other hand, silver coins held flat at Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.

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