Precious Metals
D A I L Y B U Z Z
GOLD
Gold prices fell by Rs 195 to Rs 30,390 per ten grams in the national capital today as auspicious Akshaya Tritiya failed to evoke any sizeable buying support for the metal.
Silver also dropped for the third straight day by losing Rs 430 to Rs 41,650 per kg.
Traders said a weakening trend in the precious metals overseas after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the US, reducing demand for the safe haven, mainly put pressure on the Gold prices here.
Globally, gold in Singapore, which normally sets price trend on the domestic front, fell by 0.2 per cent to USD 1,282.25 an ounce and silver by 0.3 per cent to USD 18.97 an ounce.
They said, however, token retail purchase on the occasion of Akshaya Tritiya helped minimise the fall in the precious metal prices.
"Scattered buying by jewellers and retail customers on the auspicious day helped boosting sales
but failed to curb fall in the gold prices," said Rakesh Ananad, a city-based R K Jewellers.
