Gold settles below rs 29,000 mark on slack demand, silver rules firm

Gold settles below Rs 29,000mark on slack demand, silver rules firm

SHARE MARKET - Gold prices on Monday got below the Rs 29,000-mark by sinking Rs 100 to Rs 28,950 per 10 grams, dragged down by slack demand from local jewellers, even as the metal made headway overseas.

Silver advanced by Rs 180 to Rs 38,180 per kg, riding on increased offtake by industrial units and coin makers, along with a firm trend.

Globally, gold rose by 0.12 per cent to $1,229.90 an ounce after the dollar fell to multi-month lows as the prospects for an interest

rate hike this year dimmed due to softer US economic data. Silver rose by 0.19 per cent to $15.98 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 28,950 and Rs 28,800 per 10 grams, respectively. The precious metal had gained Rs 190 on Saturday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

On the other hand, silver ready rose further by Rs 180 to Rs 38,180 per kg and weekly-based delivery by Rs 170 to Rs 37,170 per kg.

Silver coins, however, held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

ARTICLE SOURCE – BUSINESS STANDARD