Gold falls on global cues; silver remains up

Mumbai-India (June 26)  Gold prices fell by Rs. 50 to Rs. 28,660 per ten grams at the bullion market in the national capital on Thursday on slackened demand from jewellers at current levels amid a weak global trend.

However, silver rose by Rs. 200 to regain Rs. 45,000 per kg mark, for the first time since March 21.

Traders said fall in demand from jewellers as well as retailers at prevailing levels amidst a weak global trend on concerns that recent rally is curbing physical buying led to the fall in gold prices.

Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs. 50 each to Rs. 28,660 and Rs. 28,460 per ten grams, respectively. It had gained Rs. 85 on Wednesday.

Sovereign continued to be traded at Rs. 24,900 per piece of eight grams in limited deals.

On the other hand, silver ready rose further by Rs. 200 to Rs. 45,000 per kg, a level last seen on March 21. Silver weekly-based delivery went up by Rs. 310 to Rs. 44,530 per kg.

The white metal had gained Rs 100 on Wednesday.

Silver coins, however, remained steady at Rs. 79,000 for buying and Rs. 80,000 for selling of 100 pieces.

Source: TheHindu