Reduced offtake of precious metals by stockists and jewellers saw gold and silver prices slide in the national capital today amid a weakening trend on the global front.

Gold of 99.9 per cent and 99.5 per cent purity fell by Rs. 50 each to Rs. 18,650 and Rs. 18,550 per ten grams, respectively. Sovereigns also lost Rs. 25 to Rs. 14,675 per piece of eight grams.

Silver followed suit and fell by Rs. 50 to Rs. 29,000 per kg on reduced offtake by industrial units, while weekly-based delivery prices dipped by Rs. 100 to Rs. 28,765 per kg on reduced offtake by speculators.

Silver coins continue to be traded at the previous level of Rs. 34,100 for buying and Rs. 34,200 for selling of 100 pieces in limited deals.

Marketmen said buying activity has witnessed a slowdown because the marriage season is over and there is still time for the festival season. Furthermore, retail buyers have abstained from buying at the existing higher levels for gold and silver.

Meanwhile, the price of gold in New York markets, which normally sets the price trend on the domestic front, fell as demand for the precious metal as an investment haven slackened on signs of a recovery in the global economy.

Keywords: bullion report

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