Both the precious metals, gold and silver, declined today on the bullion market despite a firming global trend. While gold lost Rs. 25 to Rs. 23,475 per 10 grams, silver slipped by Rs. 265 to Rs. 59,600 per kg.
Traders said sluggish demand at prevailing high levels along with profit-booking by speculators at prevailing high levels led to the fall in precious metals’ prices.
A firming overseas trend, which normally sets the price trend on the domestic front, failed to check the fall in prices, they added.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs. 25 each to Rs. 23,475 and Rs. 23,355 per 10 grams, respectively. The yellow metal had lost Rs. 120 yesterday.
Sovereigns remained steady at Rs. 18,950 per piece of eight grams on limited deals.
In line with a general weakening trend, silver ready declined by Rs. 265 to Rs. 59,600 per kg. On the other hand silver weekly-based delivery shot up by Rs. 1,050 to Rs. 60,150 per kg on speculative buying.
Silver coins continued to be asked at previous level of Rs. 65,000 for buying and Rs. 66,000 for selling of 100 pieces.
