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Gold down by Rs150, silver sheds Rs1,000 on global cues

Gold down by Rs150, silver sheds Rs1,000 on global cues
PTI
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First Published: Sat, Sep 10 2011. 04 30 PM IST
Updated: Sat, Sep 10 2011. 04 30 PM IST
New Delhi: Snapping its two days of rally, both gold and silver fell in the national capital on Saturday on reduced offtake by stockists and retailers at higher levels amid a weak global trend.
While gold fell by Rs150 to Rs28,440 per 10 grams, silver dropped by Rs1,000 to Rs64,700 per kg.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend mainly led to the fall in precious metals.
Gold in global markets, which normally sets the price trend on the domestic front, fell by $11 to $1858.60 an ounce and silver by 2.27% to $41.38 an ounce in New York last night.
On the domestic front, gold of 99.9 and 99.5% purity fell by Rs150 each to Rs28,440 and Rs28,290 per 10 grams, respectively. The metal had gained Rs770 in last two sessions.
However, sovereigns ended flat at Rs22,700 per piece of eight grams in limited deals.
In a similar fashion, silver ready dropped by Rs1,000 to Rs64,700 per kg and silver weekly-based delivery by Rs950 to Rs65,060 per kg.
On the other hand, silver coins maintained a steady trend and quoted at around previous levels of Rs72,000 for buying and Rs73,000 for selling of 100 pieces.
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First Published: Sat, Sep 10 2011. 04 30 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |