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Updated: May 26, 2014 17:16 IST

Gold, silver trade lower on subdued demand, rising equities

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Gold prices declined by Rs 50 to Rs 28,270 per ten grams while silver also fell by Rs 50 to Rs 41,450 per kg

Gold prices declined by Rs 50 to Rs 28,270 per ten grams in the national capital on Monday on slackened demand from jewellers at prevailing levels amid a weak trend in global markets.

Silver also fell by Rs 50 to Rs 41,450 per kg on reduced offtake by industrial units.

Traders said besides sluggish demand from jewellers and shifting of funds from bullion to rising equities also influenced the sentiment. They said a weak trend in precious metals in global markets also weighed on the prices.

Gold in Singapore, which normally sets the price trend in the domestic market, fell 0.16 per cent to $1,290.80 an ounce and silver by 0.64 per cent to $19.35 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 28,270 and Rs 28,070 per ten grams, respectively, while sovereign held steady at Rs 24,800 per piece of 8 grams.

In line with a general weak trend, silver ready shed Rs 50 to Rs 41,450 per kg while weekly—based delivery rose by Rs 100 to Rs 40,900 per kg on buying support from speculators.

However, silver coins continued to be asked at last level of Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

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