BackGold, silver fall on sluggish demand, weak global cues
Gold of 99.9 and 99.5% purity fell by Rs150 each to Rs31,250 and Rs31,050 per ten gram respectively
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New Delhi: Snapping a three-day rising trend, gold prices fell by Rs150 to Rs31,250 per ten gram in the national capital on Saturday on stockists selling against drying up of demand on ending of festival season, amid a weak global trend.
Silver declined further by Rs200 to Rs48,900 per kg on reduced offtake by industrial units and coin makers.
Traders said stockists selling on fall in demand following ending of festivals like Diwali mainly influenced the sentiment.
Weak global trend where gold dropped as payrolls in the US rose more than forecast in October and increasing speculation that the Federal Reserve may start reducing economic stimulus by the end of this year, reduced demand for precious metals as a safe haven, they said.
Gold in New York, which normally set price trend on the domestic front, declined 1.8% to $1,284.60 an ounce and silver by 1.6% to $21.31 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity fell by Rs150 each to Rs31,250 and Rs31,050 per ten gram, respectively.
It had gained Rs300 in last three trade. Sovereign lost Rs100 to Rs25,100 per piece of eight gram.
In line with a general weak trend, silver ready fell by Rs200 to Rs48,900 per kg and weekly-based by Rs400 to Rs48,150 per kg. The metal had lost Rs215 on Friday. Silver coins also tumbled by Rs1,000 to Rs86,000 for buying and Rs87,000 for selling of 100 pieces on falling demand.
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