Gold falls on sluggish demand at higher levels, global cues

New Delhi-India (May 10)  Gold prices fell by Rs 140 to Rs 30,340 per ten gram in the national capital owing to slackened demand at prevailing higher levels amid a weak trend overseas.

Silver also shed Rs 70 to Rs 41,700 per kg on reduced offtake by coin makers and other consuming industries. Traders said besides a weak trend
in the global markets, fall in domestic demand at prevailing levels mainly led to decline in the Gold prices.

In the New York market, gold fell 0.10 per cent to $1,287.60 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity moved down by Rs 70 each to Rs 30,340 and Rs 30,140 per ten gram respectively, while sovereign remained steady at Rs 25,100 per piece of eight gram.

Silver ready fell further by Rs 70 to Rs 41,700 per kg and weekly-based delivery by Rs 170 to Rs 41,500 per kg. The white metal had lost Rs 1,030 in last two days. Silver coins, however, remained remained flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces