Gold, silver turn weak on global cues, sluggish demand

Gold prices retreated by Rs. 40 to Rs. 26,210 per ten gram at the bullion market today owing to lower global trend amid easing spot demand from jewellers.

Silver followed suit and declined by Rs. 230 to Rs. 33,795 per kg on reduced off-take by industrial units and coin makers.

Bullion traders said besides a weak trend overseas, fall in demand from jewellers in domestic spot market at prevailing levels mainly led to the decline in gold and silver prices.

Globally, gold fell 0.2 per cent to USD 1,076.37 an ounce in Singapore, while it ended 1.37 per cent down at USD 1,078.50 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs. 40 each to Rs. 26,210 and Rs. 26,060 per ten grams respectively. It had climbed by Rs. 190 yesterday.

Sovereign, however, remained steady at Rs. 22,300 per piece of eight grams in limited deals.

Tracking gold, silver ready dipped below Rs. 34,000-mark by falling Rs. 230 to Rs. 33,795 per kg and weekly-based delivery by Rs. 300 to Rs. 33,800 per kg.

On the other hand, silver coins, continued to be traded at previous level of Rs. 48,000 for buying and Rs. 49,000 for selling of 100 pieces.

[Source:- The Hindu]