Gold futures weaken by weak demand, silver gains strong

Traders said weak demand from local jewelers and retailers fell in the gold prices.

New Delhi: Gold prices have fallen to Rs. 31,450 per ten grams from the loss of Rs. 50 in the Delhi Sarafa Bazar due to the poor demand of local jewelers. Despite the strong trend in global markets, gold prices have seen a decline in the domestic market today.

Due to the fall in gold prices, traders said that weak demand from local jewelers and retail jewelers led to a fall in gold prices. However, US President Donald Trump has imposed a duty on import of aluminum and steel, in which the dollar was under pressure. There was a strong trend in the global markets, due to which the decline was limited.

In the
national capital , gold of 99.9 and 99.5 per cent purity fell by Rs 50 each to Rs 31,450 and Rs 31,300 per 10 grams, respectively. On Saturday, the gold price was Rs 140. Gini's price of eight grams remained constant at Rs 24,800. Globally, gold in Singapore rose by 0.28 per cent to $ 1326.30 an ounce. Silver gained 0.18 per cent to $ 16.54 an ounce.

Silver prices,
however, increased by Rs 70 to Rs 39,600 per kilogram on the back of rise in industrial units and coin manufacturing. Weekly delivery rose by Rs 180 to Rs 38,515 per kg. Silver coins continued to trade at Rs 74,000 per 100 grams and on selling of 75,000 rupees per hundred.