Gold, silver fall on sluggish demand, global cues
Both the precious metals, gold and silver, fell in the national capital on Monday on sluggish demand at prevailing higher levels amid a weak global trend.business Updated: Oct 15, 2012 15:56 IST
Both the precious metals, gold and silver, fell in the national capital on Monday on sluggish demand at prevailing higher levels amid a weak global trend.
While gold fell by Rs 125 to Rs 31,515 per 10 grams, silver lost Rs 200 at Rs 60,300 per kg on reduced offtake.
Traders said subdued demand at prevailing higher levels mainly kept pressure on gold and silver prices.
Weak global trend where gold fell to the lowest level in more than two weeks after the dollar advanced also dampened the trading sentiment, they said.
Firming trend in equity markets attracted some investors to shift their funds from bullion to stocks further influenced the market sentiment, they added.
Gold in London, which normally set price trend on the domestic front, fell by 0.7% to $1,741.75 an ounce, a lowest since September 26 and silver by 1.4% to $33.05 an ounce, its lowest since September 13.
On the domestic front, gold of 99.9% and 99.5% purity fell by Rs 125 each to Rs 31,515 and Rs 31,315 per 10 grams, respectively, while sovereigns shed Rs 50 to Rs 25,400 per piece of eight gram on subdued demand.
Silver ready fell by Rs 200 to Rs 60,300 per kg and weekly-based delivery by Rs 575 to Rs 60,650 per kg on reduced offtake by industrial units and coin makers.
Silver coins plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.