New Delhi: Gold remained sluggish for the third consecutive trading day on Monday due to less purchase in Delhi's Sarafa Market. Gold weakened by Rs 40 to a six-day low of Rs 39600 per 10 grams. However, silver held steady at Rs 48800. Traders say that with the increase in prices, purchase have become negligible. At present, there is no demand for a wedding season.
Traders are saying that buyers are placing more emphasis on the exchange of old gold. However, gold was strong at $ 1526.90 per troy ounce in the overseas market. The strength in foreign prices did not reflect the effect of gold prices on the local market and the demand remained weak. Silver prices are low overseas at $ 18.34 per troy ounce.
Gold in the local market also witnessed weakness for the third consecutive trading day. The gold standard was cheaper by Rs 40 to Rs 39,600 per 10 grams. Gold biscuit of eight grams weakened to Rs. 29900. On August 29, gold had crossed 40 thousand and reached a record level of Rs 40220.
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