Gold, silver prices fall further on sluggish demand

Last Updated: Wed, May 01, 2013 11:01 hrs

New Delhi: In restricted trading activities, gold and silver prices fell further in the national capital on Wednesday due to slackened demand at prevailing levels amid a weak global trend.

While gold shed another Rs 50 to Rs 27,900 per ten grams, silver lost Rs 135 to Rs 46,600 per kg on lack of buying support.

Traders said sluggish demand at current level and closure of markets for a public holiday kept pressure on the precious metals.

The bullion market in Mumbai, Kolkata, Chennai and futures commodity markets were closed today on account of 'May Day.'

Gold in London, which normally set price trend on the domestic front, slid 0.4 per cent to USD 1,470.58 an ounce and silver dipped 0.8 per cent to USD 24.13 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 50 each at Rs 27,900 and Rs 27,700 per ten grams, respectively. The metal had lost Rs 250 yesterday.

Sovereign remained stable at Rs 24,200 per piece of eight gram in limited deals.

In line with a general weak trend, silver ready declined further by Rs 135 to Rs 46,600 per kg and weekly-based delivery by Rs 125 to Rs 44,835 per kg. It had lost Rs 265 in the previous session.

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

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