Gold, silver soften on sluggish demand

Mumbai-India (Oct 10)   Gold prices declined by Rs 30 to Rs 27,370 per ten gram in New Delhi on Friday as demand from jewellers retailers dried up at prevailing levels to some extent amidst a weak global trend.

Silver also traded lower by Rs 250 to Rs 38,750 per kg on reduced offtake by industrial users and coin makers.

Marketmen said besides slackened demand from jewellers and retailers at prevailing levels, weak global trend mainly led to the fall in precious metals prices.

Gold in Singapore, which normally set price trend on the domestic front, traded a shade lower at $1,222.98 an ounce from $1,224.33 yesterday.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 27,370 and Rs 27,170 per ten gram respectively. Sovereign, however, remained steady at Rs 24,200 per piece of eight gram in restricted buying from retailers.

In a similar fashion, silver ready dropped by Rs 250 to Rs 38,750 per kg and weekly-based delivery by Rs 400 to Rs 38,410 per kg.

On the other hand, silver coins continued to be enquired at last level of Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.

Source: Rediff