Precious metals down on sluggish demand

Gold declined by Rs. 10 to Rs. 30,170 per 10 grams, silver by Rs. 50 to Rs. 55,200 per kg on reduced offtake by jewellery fabricators and industrial units. File photo

Both the precious metals, gold and silver, fell on Monday, owing to subdued demand at prevailing levels amid a weak global trend.

While gold declined by Rs. 10 to Rs. 30,170 per 10 grams, silver by Rs. 50 to Rs. 55,200 per kg on reduced offtake by jewellery fabricators and industrial units.

Traders said sluggish demand at prevailing higher levels amid a weak global trend mainly led to decline in gold and silver prices.

In London, gold declined by $3.10 to $1,573.70 an ounce and silver by 0.24 per cent to $28.51 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs. 10 each to Rs. 30,170 and Rs. 29,970 per 10 grams, respectively, while sovereigns held steady at Rs. 25,300 per piece of eight grams.

Similarly, silver ready fell by Rs. 50 to Rs. 55,200 per kg and weekly-based delivery by Rs. 100 to Rs. 54,825 per kg.

Silver coins also dropped by Rs. 1000 to Rs. 81,000 for buying and Rs. 82,000 for selling of 100 pieces.