Gold remained under pressure for
the second straight day and declined by Rs 100 to Rs 28,100
per 10 grams in the national capital today on weak cues from
global markets and subdued demand from jewellers.
Silver followed suit and lost Rs 600 to Rs 44,400 per kg.
Traders said a weakening global trend as the outlook for
improving economic growth and strengthening of the dollar
curbed demand for the precious metal as a safe-haven mainly
kept pressure on gold and silver prices.
Gold in Singapore, which normally sets price trend on the
domestic front, fell 0.2 per cent to USD 1,291.64 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity fell
further by Rs 100 each to Rs 28,100 and Rs 27,900 per 10
grams, respectively. It had lost Rs 160 yesterday.
Sovereign also declined by Rs 200 to Rs 24,700 per piece
of eight grams.
In a similar fashion, silver ready dropped by Rs 600 to
Rs 44,400 per kg and weekly-based delivery by Rs 620 to Rs
44,015 per kg. The white metal had lost Rs 400 in the previous
Silver coins also tumbled by Rs 2,000 to Rs 78,000 for
buying and Rs 79,000 for selling of 100 pieces.