Gold down by Rs 150, silver sheds Rs 300 on weak

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SummaryOn domestic front, gold of 99.9% purity remained weak and lost Rs 150 to Rs 28,290 per 10 gms.

Extending losses for the second straight session, both gold and silver on Monday declined in the national capital due to subdued demand from stockists at prevailing higher levels amid a weak Asian trend.

While gold rates declined by Rs 150 to Rs 28,290 per 10 grams, silver lost Rs 300 to Rs 64,400 per kg. Trading sentiment remained bearish after gold prices fell in Asian markets, as concern of a potential Greek default drove the dollar higher and speculations that the European debt crisis is worsening, traders said. Gold in global markets, which normally sets the price trend on the domestic front, declined by 1.6 per cent to $1,826.75 an ounce in Singapore. Silver also slid by 1.1 per cent to $ 41.02 an ounce.

Moreover, retail customers refrained from buying precious metals at existing higher levels, which also dampened the trading sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity remained weak and lost Rs 150 each to Rs 28,290 and Rs 28,140 per 10 grams, respectively. In the last session also it had lost Rs 150 in the previous session. However, sovereigns remained steady at Rs 22,700 per piece of eight grams in restricted buying activity at higher rates.

In a similar fashion, silver prices declined by Rs 300 to Rs 64,400 and silver weekly-based delivery by Rs 430 to Rs 64,630 per kg, respectively. The white metal had plunged by Rs 1,000 in the last trading session on Saturday. Silver coins also tumbled by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

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