Gold declines on global cues; silver ends steady
New Delhi: Gold prices declined by Rs 25 to Rs 27,825 per 10 gm in the national capital Friday owing to slackened demand at prevailing higher levels amid a weak global trend while silver ended steady in restricted buying.
Traders said subdued demand at prevailing higher levels amid a weak global trend as a stronger dollar curbed demand for the metal as an alternative investment, mainly influenced the sentiment.
Gold in London, which normally set price trend on the domestic front, fell by 0.7 percent to USD 1,448.41 an ounce and silver by 0.3 percent to USD 23.65 an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity declined by Rs 25 each to Rs 27,825 and Rs 28.625 per 10 gm, respectively. It had gained Rs 285 yesterday.
Sovereign, however, remained stable at Rs 24,000 per piece of eight gram in scattered deals.
On the other hand, silver ready held steady at Rs 46,000 for per kg while weekly-based delivery shed Rs 50 to Rs 45,150 per kg.
Silver coins continued to be asked around previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.