Gold price slides on sluggish demand, weak global cues
New Delhi: Both the precious metals, gold and silver prices slide in the national capital Monday owing to slackened demand amid a weak global trend.
While gold declined by Rs 50 to Rs 28,250 per ten grams, silver by Rs 250 to Rs 44,350 per kg on reduced offtake.
Traders said sluggish demand due to off-marriage season and a weak trend global trend before the US Fed meeting mainly led to decline in precious metals.
Gold in London, which normally set price trend on the domestic front, fell by 0.3 percent to 1,386.54 dollar an ounce and silver by 0.5 percent to 21.97 dollar an ounce.
Besides, rising equity lured investors to parked their funds for quick gains also reduced the metal demand, they said.
On the domestic front, gold of 99.9 and 99.5 percent purity declined by Rs 50 each to Rs 28,250 and Rs 28,050 per ten grams, respectively.
However, sovereign found scattered buying from retailers and rose by Rs 100 to Rs 24,400 per piece of eight gram.
In line with a general weak trend, silver ready fell by Rs 250 to Rs 44,350 per kg and weekly-based delivery by Rs 115 to Rs 43,725 per kg.
On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.