Gold falls by Rs 200 on muted demand, extends losses for 4th day
Sluggish demand from local jewellers and weak overseas cues weighed on the precious metal, said traders.
New Delhi: Gold prices on Monday dropped by Rs 200 to Rs 32,620 per 10 gram, extending the falling streak for the fourth day, due to lacklustre domestic demand and weak global trends, according to the All India Sarafa Association.
Silver also declined by Rs 80 to Rs 38,100 per kg on decreased offtake by industrial units and coin makers. Traders said gains in equity market reduced gold's safe-haven appeal. Sluggish demand from local jewellers and weak overseas cues also weighed on the precious metal.
Spot gold was trading lower at USD 1,287.10 an ounce, while silver was down at USD 15.01 an ounce in New York.
On Saturday, the yellow metal had fallen by Rs 30 to Rs 32,820 per 10 gram. In the last three trading sessions, gold prices have declined by Rs 250. In the national capital, gold of 99.9 per cent and 99.5 per cent purities fell by Rs 200 each to Rs 32,620 and Rs 32,450 per 10 gram, respectively.
However, sovereign gold held steady at Rs 26,400 per piece of eight gram. Silver ready slumped by Rs 80 to Rs 38,100 per kg, while weekly-based delivery fell Rs 232 to Rs 36,988 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.