Gold, silver decline on weak global cues, sluggish demand

Both the precious metals, silver and gold moved down in the national capital today on emergence of selling by stockists on the back of weakening global trend.

While silver fell by Rs. 225 to Rs. 45,250 per kg on reduced offtake by industrial units, gold shed Rs. 10 to Rs. 20,685 per 10 grams on less buying at higher levels.

Market analysts said fresh selling by stockists in tandem with weakening global trend mainly led to decline in precious metals.

They said reduced offtake at existing higher levels further influenced the market sentiment.

Gold in global markets, which normally sets a price trend on the domestic front here, fell by $ 4.60 to $ 1,383.40 an ounce.

On the domestic front, silver ready plunged by Rs. 225 to Rs. 45,250 per kg and weekly-based delivery by Rs. 140 to Rs. 44,980 per kg. Silver coins fell by Rs. 400 to Rs. 50,500 for buying and Rs. 50,600 for selling of 100 pieces.

In line with the general weakening trend, gold of 99.9 and 99.5 per cent purity shed Rs. 10 each to Rs. 20,685 and Rs. 20,565 per 10 grams, respectively. Sovereign remained stable at Rs. 16,950 per piece of eight grams in restricted trade activity.