Gold, silver fall on less offtake, global cues
New Delhi: Both the precious metals, gold and silver, fell in the national capital Thursday on reduced offtake by stockists and jewellers amid a weak global trend.
While gold fell by Rs 75 to Rs 27,025 per 10 grams, silver lost Rs 615 at Rs 40,435 per kg on reduced offtake by industrial units and coin makers.
Traders said besides reduced offtake by stockists and jewellers in view of off-marriage season, weak trend in global markets mainly led to the fall in gold and silver prices.
Gold in New York, which normally sets the price trend on the domestic front, fell by USD 15.90 to USD 1,274.50 an ounce and silver by 3.62 percent to USD 19.29 an ounce.
In addition, shifting of funds from weakening bullion to rising equity markets for quick gains, also dampened the sentiment they said.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 75 each to Rs 27,025 and Rs 26,825 per 10 grams, respectively. It had gained Rs 50 yesterday.
Sovereigns, however, found selective buying and rose by Rs 50 to Rs 24,200 per piece of eight grams.
In a similar fashion, silver ready dropped by Rs 615 to Rs 40,435 per kg and weekly-based delivery by Rs 815 to Rs 40,235 per kg, respectively. The white metal had shed Rs 50 in the previous session.
On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.