Gold price weakens on sluggish demand; silver recovers on Monday in Delhi

Singapore (Dec 22)  In a mixed pattern of trading, gold prices declined by Rs 45 to Rs 27,265 per ten gram at the bullion market today owing to slackened demand from jewellers at prevailing levels even as metal rise in global markets.

Silver, however, found fresh buying support from industrial users and recovered by Rs 760 to Rs 36,900 per kg.

Bullion traders said easing demand from jewellers and retailers at current level mainly attributed the fall in gold prices.

They said, however, a better trend overseas as the dollar fell from a five-year high amid signs of rising physical demand, capped the fall.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.3 per cent to USD 1,199.65 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 45 each to Rs 27,265 and Rs 27,065 per ten gram respectively. It rose by Rs 85 on Saturday.

Sovereign, however, remained steady at Rs 23,700 per piece of eight gram in restricted deals.

On the other hand, silver ready rebounded by Rs 760 to Rs 36,900 per kg but weekly-based delivery shed Rs 15 to Rs 36,925 per kg.

Meanwhile, silver coins ruled steady at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

Source: FinancialExpress