Gold falls Rs 450 on weak global cues, tepid demand

Gold prices tumbled by Rs 450 to Rs 34,200 per 10 grams at the bullion market on Thursday, tracking weak global cues amid fall in demand from local jewellers, according to All India Sarafa Association.

Silver followed suit and dropped by Rs 425 to Rs 41,050 per kg owing to poor offtake by industrial units and coin makers.

Traders said sentiments weakened on the back of a subdued global trend where gold fell after dollar rose as investors grew cautious about U.S trade talks with China.

Globally, gold prices fell 0.10 per cent per cent to USD 1,319.10 an ounce, while silver held steady at USD 15.80 an ounce in New York on Thursday.

Besides, considerable fall in demand from local jewellers and retailers at the domestic spot market too fuelled the downtrend, they said.