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Gold falls on sluggish demand, weak Asian cues; silver up

Source : PTI
Last Updated: Mon, Aug 26, 2013 09:57 hrs
An employee arranges gold jewellery in the counter as her arm is reflected in the mirror at a gold shop in Wuhan

New Delhi: Gold prices fell by Rs 200 to Rs 31,500 per ten grams in the national capital on Monday on sluggish demand while silver climbed by Rs 470 to Rs 54,000 per kg on increased industrial offtake.

Traders said sluggish demand at prevailing higher levels amid a weak trend in Asian region mainly led to decline in gold prices while increased industrial demand helped silver to trade higher.

Gold in Singapore, which normally set price trend on the domestic front, fell by 0.27 per cent to USD 1,394 an ounce.

Besides, firming equity market lured investor to shift their funds to bullion for quick gains, that also reduced gold demand.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 31,500 and Rs 31,300 per ten grams, respectively. It had gained Rs 280 in Saturday's trade.

Sovereign remained stable at Rs 25,100 per piece of eight gram in restricted buying.

On the other hand, silver ready rose further by Rs 470 to Rs 54,000 per kg and weekly-based delivery by Rs 150 to Rs 53,750 per kg, respectively. The white metal had surged by Rs 1,730 in the previous session.

However, silver coins lacked necessary buying support and plunged by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.




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