Gold & silver fall on global cues, low demand

New Delhi-India (May 7)  Gold prices drifted by Rs 120 to trade at Rs 27,230 per ten grams at the bullion market today, snapping its two-day rising streak, largely due to weak global cues and fall in demand from jewellers.

 Silver also eased by Rs 150 to Rs 37,850 per kg on reduced offtake by industrial units and coin makers.

 Traders said besides weak global trend, fall in demand from jewellers and retailers at existing levels mainly led to the drop in the precious metal prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to $1,186.84 an ounce and silver by 0.2 per cent to $16.47 an ounce.

 In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 120 each to Rs 27,230 and Rs 27,080 per ten grams, respectively. The precious metal had gained Rs 350 in last two days.

 Sovereign, however, continued to trade at the last level of Rs 23,700 per piece of eight grams.

 Following gold, silver ready also slipped by Rs 150 to Rs 37,850 per kg and weekly-based delivery by Rs 125 to Rs 38,015 per kg.

 On the other hand, silver coins maintained a steady trend at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

Source: TimesOfIndia