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Updated: March 30, 2013 16:48 IST

Gold, silver down on sluggish demand

PTI
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Gold ornaments on display at a showroom in Visakhapatnam.
File photo: C.V. Subrahmanyam
The Hindu Gold ornaments on display at a showroom in Visakhapatnam. File photo: C.V. Subrahmanyam

Both the precious metals, gold and silver, ended lower on Saturday due to sluggish demand at prevailing higher levels amid absence of any market moving factor from the global front.

While gold fell by Rs 130 to Rs 30,070 per 10 grams, silver lost Rs 700 at Rs 53,500 per kg on reduced offtake by jewellers and industrial units.

Traders said sluggish demand at prevailing higher levels in the absence of any market moving factor from overseas due public holiday in bullion markets, mainly dampened the sentiment.

They said the demand also dried up in the domestic markets due to off marriage and festival season.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 30,070 and Rs 29,870 per 10 grams, respectively. Sovereigns followed suit and shed Rs 50 to Rs 25,250 per piece of eight grams.

In line with a general weak trend, silver ready dropped by Rs 700 to Rs 53,500 per kg and weekly-based delivery by Rs 660 to Rs 52,900 per kg, respectively. Silver coins also plunged by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

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