India Gold prices fall Rs 100 on profit-booking, subdued global trend

GOLD prices Monday (15) declined by Rs 100 to Rs 35,470 per 10 gram at the bullion market in New Delhi due to profit-booking and subdued trend overseas.

Tracking gold, silver also fell by Rs 25 to Rs 39,175 per kilogram on reduced offtake by industrial units and coin makers.

In the international market, spot gold dropped due to profit-booking after the release of Chinese economic data.

Hareesh V, commodity research head at Geojit Financial Services said: "The overall growth picture of China is still looks bleak with the second quarter GDP (gross domestic product) growth plunging to a 27-year low is likely to provide the lower level support to the commodity. Enduring geopolitical tensions in the Middle East and US-China trade tensions would be the other positive drivers of gold.”

Spot gold dropped 0.3 per cent to $1,414 an ounce in New York, while silver was up at $15.41 per ounce.

According to the All India Sarafa Association, in the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 100 each to Rs 35,470 and Rs 35,300 per 10 gram, respectively.

Sovereign gold held steady at Rs 27,400 per eight gram. On Saturday (13), the precious metal rose by Rs 170 to Rs 35,570 per 10 gram and silver surged Rs 175 to Rs 39,200 per kilogram.

Silver ready Monday declined by Rs 25 to Rs 39,175 per kilogram and weekly-based delivery advanced by Rs 10 to Rs 38,400 per kilogram.

Prices of silver coins held flat at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

(PTI)