4:52 pm - Monday May 16, 2022

Gold remains weak on sluggish demand; silver ends lower

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NEW DELHI: Continuing its losing streak for the eight straight session, gold prices shed Rs 40 to close at almost one-month low of Rs 28,100 per 10 grams in the national capital today due to slackened demand from jewellers and retailers even as the metal recovered overseas.

Silver also eased by Rs 200 to Rs 42,600 per kg on lack of buying support from industrial units.

Traders said subdued demand from jewellers and retailers amid strengthening rupee against the US dollar,making imports cheaper, kept pressure on gold prices.

They said, however, recovery in gold prices in global markets, capped the losses.

Globally, gold rose 0.4 per cent to USD 1,280.20 an ounce in New York.

In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 40 each to Rs 28,100 and Rs 27,900 per 10 grams, respectively, a level last seen on July 25. The yellow metal had lost Rs 680 in the previous seven sessions. Sovereign, however, remained flat at Rs 24,600 per piece of eight grams in limited deals.

Silver ready fell by Rs 200 to Rs 42,600 per kg and weekly-based delivery by Rs 215 to Rs 41,955 per kg. The white metal had gained Rs 150 yesterday.

On the other hand,, silver coins ruled steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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