Gold, silver prices weaken on low demand, global cues

New Delhi-India (Dec 30)  Gold prices eased by Rs 60 to Rs 27,150 per ten grams at the bullion market in the national capital on Tuesday owing to slackened demand from jewellers and retailers amid a weak global trend.

Silver also dropped by Rs 600 to Rs 36,650 per kg on poor offtake by industrial units and coin makers.

Marketmen said besides low demand from jewellers and retailers at prevailing levels, a weak global trend as the dollar touched a five-year high, damping investor demand for the metal as a safe-haven, weighed on gold prices.

Globally, gold in New York, which normally sets price trend on the domestic front, fell by 1.1 per cent to $1,181.90 an ounce and silver by 2.3 per cent to $15.77 an ounce in Monday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 60 each to Rs 27,150 and Rs 26,950 per ten grams respectively. Sovereign, however, enquired at last level of Rs 23,700 in limited deals.

In line with weak trend, silver ready fell by a whopping Rs 600 to Rs 36,650 per kg and weekly-based delivery by Rs 630 to Rs 36,620 per kg.

Silver coins also plunged by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

Source: BusinessToday