Gold down by Rs. 150, silver sheds Rs. 1,000 on global cues

Snapping its two days of rally, both gold and silver fell in the national capital today on reduced offtake by stockists and retailers at higher levels amid a weak global trend.

While gold fell by Rs. 150 to Rs. 28,440 per 10 gram, silver dropped by Rs. 1,000 to Rs. 64,700 per kg.

Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend mainly led to the fall in precious metals.

Gold in global markets, which normally sets the price trend on the domestic front, fell by $ 11 to $ 1858.60 an ounce and silver by 2.27 per cent to $ 41.38 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 150 each to Rs. 28,440 and Rs. 28,290 per 10 grams, respectively. The metal had gained Rs. 770 in last two sessions.

However, sovereigns ended flat at Rs. 22,700 per piece of eight grams in limited deals.

In a similar fashion, silver ready dropped by Rs. 1,000 to Rs. 64,700 per kg and silver weekly-based delivery by Rs. 950 to Rs. 65,060 per kg.

On the other hand, silver coins maintained a steady trend and quoted at around previous levels of Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

The story has been corrected on September 15, for factual error