Gold prices fall due to subdued demand
Gold prices saw subdued prices in India this week despite increased prices on the global market. Prices dropped due to reduced demand, especially at local jewellers and retailers.
Gold prices in India fell by Rs 30 ($0.42) to reach Rs 34,050 per 10 grams on the bullion market on February 13, as reported by the Press Trust of India. The dip in demand has been attributed to weak local and retail demand and the loss has been lessened by stronger demand overseas. On the global market, gold conversely rose by 0.13 percent to reach $1,313.10 an ounce in New York fuelled by a drop in the dollar.
Silver prices also fell by Rs 200 to reach Rs 40,800 per kilogram on Wednesday. Industrial units and coin makers saw reduced enquiries for silver, pushing down the price. Like gold, silver was up on the global market by 0.19 percent to reach $15.80 an ounce in New York on Wednesday.
Although gold of 99.9 percent and 99.5 percent purifies saw prices fall by Rs 30 each, sovereign gold maintained its price of Rs 26,100 per eight gram piece for limited deals. While silver ready prices fell along with weekly-based delivery, silver coin prices saw little change.
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