Gold prices turn soft, local jewellers pull back

New Delhi, Oct 30 :  Gold prices dropped by Rs 75 to Rs 30,275 per 10 grams in the bullion market today, pointing to global sluggishness, as local jewellers decided to remain tight-fisted too. Silver's decline was steeper, which eased further by Rs 200 to Rs 40,000 per kg due, hit by lower demand from industrial units and coin makers. Sentiment, traders said, was downbeat largely in sync with a weak trend overseas as investors remained cautious ahead of the naming of the next US Federal Reserve chair and a two-day Federal Open Market Committee (FOMC) meeting this week. Globally, gold fell 0.32 per cent to USD 1,269.10 an ounce and silver by 0.77 per cent to USD 16.71 an ounce in Singapore. Besides, shifting of funds towards surging equities weighed on the prices, they added. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 75 each to Rs 30,275 and Rs 30,125 per 10 grams, respectively. It had gained Rs 75 on Saturday. Sovereign, however, was steady at Rs 24,700 per piece of eight grams. Following gold, silver ready declined by Rs 200 to Rs 40,000 per kg and weekly-based delivery by Rs 75 to Rs 39,075. Silver coins, on the other side, were unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in scattered deals.
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