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

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

Gold prices Monday declined by Rs 100 to Rs 35,470 per 10 gram at the bullion market due to profit-booking and subdued trend overseas.

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

In the international market, spot gold inched lower due to higher profit-booking and better-than-expected Chinese economic releases that moderated concerns over the global economic slowdown and boosted the demand for riskier assets.

“However, the overall growth picture of China still looks bleak with the second quarter GDP growth plunging to a 27-year low. It is likely to provide lower level support to the commodity. Enduring geopolitical tensions in West Asia and US-China trade tensions would be the other positive drivers of gold,” said Hareesh V, head (commodity research), Geojit Financial Services.