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Gold falters on weak global cues, tepid demand

Gold prices fell by ₹145 to ₹34,080 per 10 gram at the bullion market on Tuesday in sync with a weak global trend amid sluggish demand from local jewellers, according to All India Sarafa Association.

Silver too drifted down by ₹100 to ₹41,000 per kg due to low offtake from industrial units and coin makers.

According to traders, gold faltered tracking a weak trend overseas as a stronger dollar reduced appeal of the precious metal as a safe-haven investment.

Globally, gold fell 0.01% to USD 1,308.70 an ounce while silver rose 0.13% to USD 15.80 an ounce in New York.

In the national capital, gold of 99.9% and 99.5% purities declined by ₹145 each to ₹34,080 and ₹33,930 per 10 gram, respectively. It had lost ₹55 on Monday.

Sovereign, however, remained unaltered at ₹26,100 per piece of eight gram.

In step with gold, silver ready eased by ₹100 to ₹41,000 per kg while weekly-based delivery dropped ₹158 to ₹39,829 per kg.

Silver coins remained unchanged at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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