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Gold, silver down for third day on sluggish demand

Source : PTI
Last Updated: Mon, Jul 08, 2013 12:47 hrs
​Jewellers expect to strike gold this Akshaya Tritiya

Both the precious metals, gold and silver, fell for the third straight session in the national capital today owing to slackened demand at prevailing higher levels amid a weak global trend.

While gold fell further by Rs 75 to Rs 26,550 per 10 grams and silver lost Rs 290 at Rs 40,140 per kg on reduced offtake by jewellers and industrial units.

The sentiment remained bearish after gold declined in global markets as better-than-expected US jobs data lifted the dollar to the highest level since July 2010 and increased speculation that the US Fed will scale back stimulus, traders said.

Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.6 per cent to USD 1,215.89 an ounce and silver by 0.6 per cent to USD 18.79 an ounce.

Besides, a sluggish demand due to off-marriage season also dampened the sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent to Rs 26,550 and Rs 26,350 per 10 grams, respectively. It had lost Rs 205 in last two sessions. Sovereigns remained steady at Rs 24,000 per piece of eight grams.

In line with a general weak trend, silver ready fell further by Rs 290 to Rs 40,140 per kg while weekly-based delivery by Rs 160 to Rs 40,110 per kg. The white metal had 970 in the previous two session.

Silver coins continued to be asked around previous level of Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.



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