Gold prices decline on weak global cues

New Delhi-India (July 14)   Snapping its four-day rising streak, gold prices fell by Rs 280 to Rs 28,450 per 10 grams in the national capital on Monday on slackened demand at prevailing higher levels amid weak global cues.

Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced offtake by industrial units and coin makers.

 Traders said sentiments turned bearish as buying by jewellers declined at current levels amid gold retreating from a four-month high in overseas markets as a rebound in equities dampened demand for an alternative investment.

Source: TimesOfIndia