Gold ends lower on sluggish demand; silver eases

New Delhi: Gold prices fell by Rs 85 to Rs 28,175 per ten gram in the national capital on August 27 owing to slackened demand at prevailing levels, despite rise in the global markets. Silver also eased by Rs 300 to Rs 42,700 per kg on reduced off take by industrial units and coin makers.

Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses. Gold in Singapore, which normally sets price trend on the domestic front, added 0.3 per cent to USD 1,284.83 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity met with resistance at current levels and drifted by Rs 85 each to Rs 28,175 and Rs 27,975 per ten gram respectively. It had gained Rs 230 yesterday. Sovereign, however, remained steady at Rs 24,600 per piece of eight gram in limited deals.

In a similar fashion, silver ready turned weak and ended Rs 300 lower at Rs 42,700 per kg and weekly-based delivery by Rs 145 to Rs 42,050 per kg. The white metal had gained Rs 400 in yesterday's trade. Meanwhile, silver coins continued to trade at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces on scattered support.