Zee Media Bureau
Gold prices fell for the second straight day at Delhi bullion market Friday due to reduced demand from stockists and retailers amid weak global cues.
In the national capital, gold of 99.9 percent and 99.5 percent purity declined by Rs 90 each to Rs 25,710 and Rs 25,560 per 10 grams, respectively. The precious metal had shed Rs 40 yesterday. Tracking gold, silver ready fell by Rs 250 to Rs 34,050 per kg and weekly-based delivery by Rs 105 to Rs 34,245 per kg.
Also Read: Five key reasons why gold prices are falling
In a similar fashion, gold futures also traded lower today as speculators reduced their exposure. Gold for delivery in February next year dropped Rs 95 or 0.37 per cent to Rs 25,323 per 10 gm at the Multi Commodity Exchange (MCX).
Bullion traders said a weak trend overseas influenced the domestic sentiment amid the US Federal Reserve's strong indications that interest rate will go up next week after nearly a decade, boosting dollar and eroding demand for the precious metal.
Globally, gold drifted lower and headed for the seventh weekly drop in eight as investors positioned themselves for a likely US rate rise. A rate increase at the Federal Reserve's policy meeting on Dec 15-16 would be the first in nearly a decade and could dent demand for non-interest paying gold.
Spot gold fell 0.6 percent to USD 1,064.63 an ounce in early trade, after closing flat over the last two sessions. t was on track for a 2 percent decline for the week.
Mumbai
Standard gold (99.5 purity) drifted lower by Rs 75 to finish at Rs 25,230 per 10 grams from yesterday's closing level of Rs 25,305. Pure gold (99.9 purity) also fell by a similar margin to end at Rs 25,380 per 10 grams as compared to Rs 25,455. Silver (.999 fineness) dropped by Rs 390 per kg to close at Rs 34,030 from yesterday's closing level of Rs 34,420.
Gold closing prices in other major Indian cities:
Kolkata: Gold: Rs 25,680 per 10 gram; Silver: Rs 33,900 per kg
Chennai: Gold: Rs 25,620 per 10 gram; Silver: Rs 34,010 per kg
Bangalore: Gold: Rs 25,608 per 10 gram; silver: Rs 34,300 per kg
