Gold, silver turn weak on sluggish demand

New Delhi-India (Aug 14)   After two days of gains, gold prices today declined by Rs 20 to Rs 28,800 per ten gram in the national capital owing to slackened demand at existing higher levels even as metal strengthened overseas.

 Silver followed suit and lost Rs 350 at Rs 43,950 per kg on reduced offtake by industrial units and coin makers.

 Bullion traders said subdued demand at prevailing levels mainly led to the fall in precious metal prices but a better trend in the global market capped loses.

In Delhi gold declined by Rs 20 to Rs 28,800 and Rs 28,600. Soverign, howerver, continued to trade steady at Rs 28,800 per piece of eight gram in limited deals.

Globally, gold was trading 0.30 per cent higher at USD 1,116.43 an ounce in London today.

Source:  EconomicTimes