Gold, Silver turn weak on global cues, sluggish demand

Gold, Silver turn weak on global cues, sluggish demand

New Delhi: Both the precious metals, gold and silver, fell on the bullion market on Saturday on profit-selling by stockists, amid a weak trend in overseas markets.

While gold dropped by 250 to 26,660 per 10 grams, silver lost 1,200 to 53,000 per kg on reduced offtake at existing higher levels.

Gold in New York, which normally sets price trend on the domestic front, slumped by $17.40 to $1,635.80 an ounce and silver by 3.2% to $30.99 an ounce.

In addition, sluggish demand at existing higher levels also influenced the trading sentiment.

On the domestic front, gold of 99.9 and 99.5% purity fell by 250 each to 26,660 and 26,520 per ten grams respectively. It had gained 470 yesterday. However, sovereign ended steady at 21,900 per piece of eight gram in limited deals.

Similarly, silver ready which had gained 3,400 yesterday, met with profit-selling and dropped by 1,200 to 53,000 per kg. Silver weekly-based delivery followed suit and shed 1,435 to 52,265 per kg, after gaining 2,625 in the last session.

On the other hand, coins strengthened by 1,000 to 62,000 per 100 pieces.