Festive cheer fails to make gold sparkle; tumbles by Rs 100 on global cues

Gold fell by Rs 100 to Rs 30,650 per ten gram at the bullion market today amid a weakening global trend and muted demand from local jewellers.

However, silver recovered by Rs 50 to Rs 40,850 per kg on scattered enquiries from industrial units.

Traders said apart from a weak trend overseas, hurt by a stronger dollar, easing demand from local jewellers and retailers at domestic spot market mainly weighed on the gold prices.

Globally, gold fell 0.75 % to USD 1,280 an ounce and silver by 1.34 % to $17.00 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 % and 99.5 % purity went down by Rs 100 each to Rs 30,650 and Rs 30,500 per ten gram, respectively. The metal had lost Rs 250 in special 'Diwali' trading session on Thursday.

Market remained closed yesterday on account of Vishwakarma Puja.

Sovereign however held steady at Rs 24,700 per piece of eight gram.

On the other hand, silver ready recovered by Rs 50 to Rs 40,850 per kg, while weekly-based delivery shed Rs 25 to Rs 39,875 per kg on lack of buying support from speculators.

Silver coins however remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)