Gold slips from one-month high; down Rs 35 on global cues
Gold today fell from its one-month high levels and lost Rs 35 to Rs 28,330 10 grams in the national capital, owing to decline in demand at prevaling higher levels amid a weak global trend.
Silver also declined by Rs 140 to Rs 41,980 per kg on reduced offtake by industrial units and coin makers. Meanwhile, gold had gained Rs 1,075 and silver Rs 1,595 in the previous two session.
After gaining Rs 1,075 in last two sessions traders and retailers refrained from buying at prevailing higher levels, market experts said.
They said a weakening trend in overseas markets as investors sold the metal following recent upsurge further influenced the market sentiment.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.5% to $1,338.60 an ounce and silver by 1.4% to $20.19 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity slipped by Rs 35 each to Rs 28,330 and Rs 28,130 per 10 grams, respectively.
Sovereigns also fell by Rs 100 to Rs 24,300 per piece of eight grams. In line with a general weak trend, silver ready and weekly-based delivery fell by Rs 140 each to Rs 41,980 and Rs 41,905 per kg, respectively.
Silver coins plunged by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.