Gold, silver prices fall on sluggish demand, global cues

Mumbai-India (Nov 10)  Gold prices fell by Rs 55 to Rs 26,395 per ten gram in the national capital on Monday owing to slackened demand from jewellers and retailers at existing higher levels, amid a weak global trend.

In line with gold , silver also traded lower by Rs 50 to Rs 35,500 per kg on lack of buying support from industrial units.

Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak trend overseas on expectations that US borrowing costs will increase mainly kept pressure on gold and silver prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.8 per cent to $1,168.48 an ounce, while silver dropped by 0.1 per cent to $15.77 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 55 each to Rs 26,395 and Rs 26,195 per ten gram, respectively.

Sovereign, however, found some buying support from retailers and edged higher by Rs 100 to Rs 23,800 per piece of eight gram.

Silver ready also eased by Rs 50 to Rs 35,500 per kg, while weekly-based delivery strengthened by Rs 230 to Rs 35,025 per kg on speculative buying.

Silver coins spurted by Rs 2,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.