Gold, silver decline on weak global cues
While gold fell by Rs 35 to Rs 31,625 per 10 grams, silver lost Rs 650 (rpt) Rs 650 to Rs 61,700 per kg on falling demand among industrial units and coin-makers.
Traders said stockists off-loading their positions on fall in demand following ending of marriage season this week and retailers expecting more correction in the prices mainly pulled down the precious metal prices.
They said the down-trend was further fuelled as gold fell in global markets as some investors sold the metal after prices climbed to a one-week high amid speculation the US Fed might expand monetary stimulus to boost the economy.
The gold in overseas markets, which normally sets the price trend on the domestic front here, fell 0.4 per cent to USD 1,706.95 an ounce in Singapore. Earlier, the metal had rallied to USD 1,717.36, the most expensive since December 3.
On the national front, the gold of 99.9 and 99.5 per cent purity fell by Rs 35 each to Rs 31,625 and 31,425 per 10 grams, respectively. The metal had gained 320 in last three sessions. Sovereigns also lost Rs 50 to Rs 25,500 per piece of eight grams. Silver ready dropped by Rs 650 to Rs 61,700 per kg and weekly-based delivery by Rs 300 to Rs 62,540 per kg. It had gained Rs 1,350 in last three days. Silver coins continued
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