Gold price slips from 3-mth high, silver weak on global cues

New Delhi-India (Jan 29)   After rising for the third straight day, gold prices on Friday eased from a three-month high by falling Rs85 to Rs27,050 per 10 grams in Delhi bullion market, reflecting weak global cues amid a decline in demand from jewellers.

Traders said that besides a weak trend overseas, easing demand from jewellers and retailers at the existing higher levels at the domestic spot market mainly led to the fall in the precious metals prices here.

Globally, gold traded 0.13% down at $1,113.60 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity fell Rs85 each to Rs27,050 and Rs26,900 per 10 grams, respectively. It had gained Rs525 in the previous three days. Sovereign, however, remained unchanged at Rs22,500 per piece of eight grams.

Tracking gold, silver ready dropped Rs350 to Rs34,850 per kg and weekly-based delivery by Rs395 to Rs34,725 per kg. On the other hand, silver coins continued to be traded at previous levels of Rs51,000 for buy and Rs52,000 for sale of 100 pieces.

Source: TheHindu