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Updated: August 31, 2013 15:49 IST

Gold, silver fall further on weak demand, global cues

PTI
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The prices of gold and silver fall further due to weak demand. A file picture shows gold bullion bars displayed during a news conference in Hong Kong.
AP The prices of gold and silver fall further due to weak demand. A file picture shows gold bullion bars displayed during a news conference in Hong Kong.

Gold prices declined further by Rs 275 to Rs 31,425 per ten gram, extending losses for the third straight day in the national capital on Saturday on fall in demand at higher levels amid weak global trend.

While gold fell by Rs 275 to Rs 31,425 per ten grams after losing Rs 2,200 in the last two sessions, silver shed another Rs 70 at Rs 53,930 per kg after losing Rs 4,500 in last two days.

Traders said increased selling by stockists in view of falling demand at prevailing higher levels and a weakening global trend mainly kept pressure on gold and silver prices.

Gold in New York, which normally set price trend on the domestic front, fell by 10.70 dollar to 1,396.50 and silver by 1.42 per cent to 23.53 dollar an ounce.

In addition, strengthening the rupee against the American currency and recovery in equity markets further influenced the sentiment in dollar-priced precious metals, they said.

The government raised tariff value on gold imports while FMC hiked margins on the commodity in futures trading to check volatility, was another dampening factor, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 275 each to Rs 31,425 and Rs 31,225 per ten grams, respectively, while sovereign continued to be asked at last level of Rs 25,300 per piece of eight gram.

Silver ready slide by Rs 70 to Rs 53,930 per kg and weekly-based delivery by Rs 570 to Rs 53,430 per kg respectively. Silver coins remained stable at Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.

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