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Gold loses Rs 10, silver Rs 100 on poor demand, global cues

Source : PTI
Last Updated: Wed, Sep 26, 2012 16:20 hrs
Hindu married woman wears gold bangles at jewellery shop in Allahabad

New Delhi: Gold declined by Rs 10 to Rs 32,100 per 10 grams in the bullion market here on Wednesday, while silver lost Rs 100 to Rs 60,600 per kg on poor offtake amid a weak global trend.

Traders said sluggish demand at prevailing higher levels amid a weak trend in overseas market led to a decline in prices of both the precious metals.

In New York, gold fell by USD 3.90 to USD 1,760.60 an ounce, while silver shed 0.68 per cent to USD 33.74 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity met resistance at existing levels and shed Rs 10 each to Rs 32,100 and Rs 31,900 per 10 grams, respectively. The metal had gained Rs 160 yesterday.

Sovereign continued to be asked around previous level of Rs 25,450 per piece of eight grams.

Silver ready declined by Rs 100 to Rs 60,600 per kg and weekly-based delivery by Rs 135 to Rs 62,450 per kg. The white metal had climbed by Rs 300 in the previous session.

Silver coins remained steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.



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