Gold softens on sluggish demand, weak global trend

Mon, Jul 14 05:44 PM

New Delhi, July 14 (PTI) Gold prices eased by Rs 10 to close at Rs 13,470 per 10 grams on the bullion market today on fall in demand from stockists and jewellery makers at existing higher levels. Standard gold and ornaments lost Rs 10 each to Rs 13,470 and Rs 13,320 per 10 gram respectively while sovereign, held unchanged at Rs 10,375 per piece of eight gram.

In London too buying activity remained restricted and gold snapped a four-day long rising streak by falling USD 5.95 to USD 958.25 an ounce, as a stronger dollar and weaker energy prices reduced the appeal of commodity as a hedge against inflation. Marketmen said slowdown in buying by stockists and jewellers at higher levels and ending of current marriage season remained dampening factors for the metal.

On the other hand, silver ready ruled steady at Rs 25,800 per kg in limited deals but weekly-based delivery shot up by Rs 150 to Rs 26,400 per kg on speculative buying. However, silver coins were traded at last levels of Rs 27,800 for buying and Rs 27,900 per 100 pieces.

PTI.

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