Gold, silver down on global cues, subdued demand

Last Updated: Wed, Feb 05, 2014 11:16 hrs

Gold tumbled by Rs 240 to Rs 30,460 per ten grams in the national capital on Wednesday on selling by stockists amid a weak trend in global markets.

Silver also eased by Rs 50 to Rs 44,150 per kg due to subdued demand from coin makers.

Marketmen said selling by stockists, triggered by a weak global trend as a rebound in equity markets reduced demand for the precious metals amid slower physical purchases during the Lunar New Year holidays, mainly weighed on gold prices here.

Besides, low demand from jewellery makers too had a negative impact, they said.

Gold in Singapore, which normally sets price trend at the domestic front, fell by 0.20 per cent to USD 1,252.74 an ounce.

At the domestic front, gold of 99.9 and 99.5 per cent purity suffered a setback of Rs 240 each to Rs 30,460 and Rs 30,260 per ten grams, respectively. Sovereign held steady at Rs 25,200 per piece of eight grams.

In a similar fashion, silver ready traded Rs 50 lower at Rs 44,150 per kg while weekly-based delivery gained Rs 50 to Rs 43,850 per kg.

Silver coins held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

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