Gold, silver decline on sluggish demand, global cues

Gold, silver decline on sluggish demand, global cues New Delhi: Both the precious metals, gold and silver, declined in the national capital Tuesday owing to subdued demand at prevailing higher levels amid a weak global trend.

While gold declined by Rs 90 to Rs 31,070 per ten grams, silver dipped by Rs 40 to Rs 58,000 per kg on lack of follow up support.

Traders said subdued demand from retailers at prevailing higher levels and a weak global trend mainly led to fall in both gold and silver prices.

Gold in global markets, which normally set price trend on the domestic front, fell by USD 9.90 to USD 1,646.90 an ounce and silver by 0.07 percent to USD 30.16 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 percent purity declined by Rs 90 each to Rs 31,070 and Rs 30,870 per ten grams respectively, while sovereign remained steady at Rs 25,450 per piece of eight gram.

In a similar fashion, silver ready fell by Rs 40 to Rs 58,000 per kg and weekly-based delivery by Rs 25 to Rs 58,240 per kg. Silver coins remained steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

PTI