Gold, silver fall on sluggish demand, global cues

Gold fell by Rs. 85 to Rs. 30,925 per 10 gm and silver declined by Rs. 100 to Rs. 57,600 per kg on fall in demand among industrial units and coin makers. File photo

Both the precious metals, gold and silver, fell in the national capital today on sluggish retailers demand and a weak global trend.

While gold fell by Rs. 85 to Rs. 30,925 per 10 gm, silver declined by Rs. 100 to Rs. 57,600 per kg on fall in demand among industrial units and coin makers.

Sentiment turned bearish on sluggish retailers demand following ending of marriage season amid a weak global trend as a stronger dollar curbed demand for the metal as an alternative investment.

The dollar rose to a two-week high against a basket of currencies ahead of US President Barack Obama’s meeting with Democratic and Republican congressional leaders as a year-end budget deadline approaches.

Gold in New York, which normally set price trend on the domestic front, fell 0.2 per cent to $1,661 an ounce and silver by 0.6 per cent to $30.05 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 85 each to Rs. 30,925 and Rs. 30,725 per 10 gm, respectively. The metal had gained Rs. 110 on Friday.

Sovereign held steady at Rs. 25,450 per piece of eight gram.

In line with a general weak trend, silver ready declined by Rs. 100 to Rs. 57,600 per kg and weekly-based delivery by Rs. 440 to Rs. 57,600 per kg.

However, silver coins held steady at Rs. 79,000 for buying and Rs. 80,000 for selling of 100 pieces.