Gold, silver fall on global cues; subdued demand

June 1, 2014

New Delhi-India (june 1) Gold prices fell by Rs 100 to Rs 27,400 per 10 grams in the national capital on Friday, largely in tandem with a weakening global trend amid subdued demand from jewellers.

Silver, too, met with resistance and lost Rs 500 to Rs 40,350 per kg.

Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.

Besides, slackened demand from jewellers and retail customers weighed on the precious metal prices, they said.

Gold prices in New York, which normally sets the price trend on the domestic front, fell by 0.9 per cent to $1,246 an ounce and silver by 1.7 per cent to $18.68 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each at Rs 27,400 and Rs 27,200 per 10 grams, respectively.

It remained steady in yesterday's trade. Sovereigns continued to be asked at last level of Rs 24,600 per piece of eight grams.

Silver ready dropped by Rs 500 to Rs 40,350 per kg and weekly-based delivery by Rs 460 to Rs 39,590 per kg, while silver coins were flat at last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces

Silver Phoenix Twitter                 Silver Phoenix on Facebook