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Gold, silver prices weaken on sluggish demand

Source : PTI
Last Updated: Mon, Aug 05, 2013 10:07 hrs
An employee arranges gold jewellery in the counter as her arm is reflected in the mirror at a gold shop in Wuhan

New Delhi: Both the precious metals, gold and silver, weakened in the national capital on Monday owing to slackened demand at prevailing higher levels.

While gold declined by Rs 50 to Rs 28,750 per ten grams, silver dipped by Rs 25 to Rs 42,075 per kg on lack of buying support.

Traders said sluggish demand at prevailing higher levels mainly led to decline in gold and silver prices.

Gold of 99.9 and 99.5 per cent purity declined by Rs 50 to Rs 28,750 and Rs 28,550 per ten grams, respectively. The yellow metal had climbed by Rs 450 in the previous session.

Sovereign remained steady at Rs 24,400 per piece of eight gram in limited deals.

In line with a general weak trend, silver ready fell by Rs 25 to Rs 42,075 per kg and weekly-based delivery also feel by a similar margin to Rs 41,925 per kg, respectively. The white metal had recorded a hefty rise of Rs 1,000 in last trading session.

Meanwhile, silver coins continued to be asked around previous level of Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces in the absence of buying support.



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