Gold falls ₹80, silver declines ₹180 on weak demand

Gold prices fell by ₹80 to ₹56,880 per 10 grams in the National Capital on January 30 due to weak local demand, according to HDFC Securities.

In the previous trade, the precious metal closed at ₹56,960 per 10 grams.

Silver also declined by ₹180 to ₹68,795 per kg from ₹68,975 per kg.

“Spot gold prices in Delhi markets traded at ₹56,880 per 10 grams, down ₹80 per 10 grams,” said an analyst at HDFC Securities.

According to the analyst, retail demand in the Indian market remained sluggish due to high prices and some dealers offered discounts to attract customers.

In the overseas market, gold was quoting lower at $1,923 per ounce and silver was down at $23.66 per ounce.

Comex gold prices traded sideways to negative in Asian trading hours on Monday.

“Comex Gold prices corrected last week after price hit fresh swing high of $1,949.80 on back of profit taking by short-term future traders before this week FOMC meeting, however price managed to closed up by 0.10 per cent on weekly basis,” the analyst added.