The weakening global trend in gold prices saw drop in prices for the third consecutive day in India. Gold prices fell further by ₹25 to ₹ 26,650 per 10 gm at the bullion market in Delhi on Monday due to poor demand from jewellers and retailers, reports DNA.
Gold prices in Singapore slipped 0.4% to $1,187.27 an ounce, with Indian prices also reflecting a similar sentiment. Silver slid 0.8% $16.15 an ounce, the lowest level since 2 December. Gold prices in Singapore normally dictate price trend in India.
An upswing in US employment data and a strengthening dollar has reduced gold's appeal for investors, and the continued drop in demand from jewellers and retailers has not helped improve sentiment.
Gold of 99.9 and 99.5 per cent purity fell to ₹ 26,650 and ₹ 26,450 per 10 gm respectively.
Silver lost ₹ 50 to ₹ 36,650 per kg on the back of reduced offtake by industrial units and coin makers; weekly-based delivery fell by₹75 to ₹36,625 per kg. traded at ₹62,000 for buying and ₹63,000 for selling of 100 pieces.