Gold, silver prices fall on sluggish demand

Gold prices dropped Rs 50 to Rs 35,720 per 10 gram in the national capital on Monday, owing to sluggish demand from jewellers, according to the All India Sarafa Association.

Silver also ended lower by Rs 100 to Rs 41,900 per kg due to reduced offtake by industrial units and coin makers.

Globally, spot gold traded flat at USD 1,419.40 an ounce, while silver was  marginally trading lower at USD 16.44 an ounce in New York.

In the international market, the gold prices were ruling flat as investors are waiting for the outcomes of the US Federal Open Market Committee’s (FOMC) meeting scheduled for July 30-31 for further cues, analysts said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 50 each to Rs 35,720 per 10 grams and Rs 35,550 per 10 grams, respectively.

Sovereign gold held steady at Rs 27,500 per eight grams.

On Saturday, gold had risen Rs 40 to Rs 35,770 per 10 gram, while silver had declined by Rs 150 to Rs 42,000 per kg.

Meanwhile silver ready Monday fell Rs 100 to Rs 41,900 per kg and weekly-based delivery was advanced Rs 34 to Rs 41,186 per kg.

Silver coins traded lower by Rs 1,000 at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces, respectively.