Gold, silver fall on global cues, low demand

New Delhi: Gold prices fell by Rs 30 to Rs 27 160 per 10 grams at the bullion market today on a weak global trend and sluggish demand from jewellers at domestic markets. Silver also moved down by Rs 150 to Rs 36,350 per kg on lack of buying support from industrial units.

Bullion traders said besides a weak trend overseas, low demand at domestic spot markets from jewellers at existing levels, mainly weighed on the precious metal's prices. Gold in New York, which normally sets price trend on the domestic front, fell by 1.10 per cent to USD 1,180.40 an ounce and silver by 0.60 per cent to USD 15.75 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity weakened by Rs 30 each to Rs 27,160 and Rs 27,010 per 10 grams, respectively. The precious metal had gained Rs 190 in yesterday's trade. The Sovereign, however, held steady at Rs 23,700 per piece of eight grams in scattered deals.

Following gold, silver ready traded lower by Rs 150 to Rs 36,350 per kg and weekly-based delivery by Rs 185 to Rs 35,950 per kg. On the other hand, silver coins continued to be traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.