India: Gold price slips as silver turns weak on global cues

New Delhi-India (Jan 22)  After rising for two straight days, gold prices retreated from over two-month high by falling Rs250 to Rs26,650 per ten grams at the bullion market on Friday, taking weak cues from global markets amid fall in demand from jewellers.

Silver also declined by Rs250 to Rs34,400 per kg on reduced offtake by industrial units and coin makers.

Traders said besides a weak trend overseas, easing demand from jewellers and retailers at prevailing higher levels mainly led to the fall in the precious metals prices here.

Globally, gold fell 0.3 per cent to $1,098.12 an ounce in Singapore.

 Recovery in the rupee against the dollar that made imports cheaper also influenced sentiments, they said.

Source:  Press Trust of India