Gold losses mount, silver dips below ₹ 38,000 per kg

Gold prices suffered more losses by falling ₹ 200 to trade at ₹ 29,750 per 10 grams , mirroring a weak trend overseas amid slack demand from jewellers at the domestic market.

Silver ready dipped below the ₹ 38,000-mark by plunging ₹425 to ₹ 37,700 per kg, due to reduced offtake by industrial units and coin makers.

Traders attributed the fall in the metal’s prices to a weak trend overseas where gold is heading for the biggest weekly drop since May as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar, eroding safe-haven appeal of the precious



metal.

Meanwhile, gold for immediate delivery has slumped 2.5 % this week, the most since the five days ended May 5.

Globally, gold fell 1.27 % to $1,247.80 an ounce and silver by 1.41 % to USD 15.70 an ounce in New York on Thursday.

In addition, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on the prices, they said.

In the national capital, gold of 99.9 % and 99.5 % purity fell further by ₹ 200 each to ₹ 29,750 and ₹ 29,600 per 10 grams, respectively. The precious metal had lost ₹300 in the previous two days.