Gold, silver prices decline on sluggish demand

New Delhi-India (Sept 17)  After two days of gains, gold prices fell by Rs. 60 to close at Rs. 27,400 per 10 gram in New Delhi on Wednesday due to slackened demand from jewellers and retailers amid absence of cues from global markets.

Silver also lacked necessary follow-up support from industrial units and coin makers and shed Rs 110 to Rs 41,490 per kg.

Bullion merchants said subdued demand from jewellers and retailers in view of the ongoing “Sharads”, considered to be an inauspicious fortnight for making new purchases, weighed on gold and silver prices.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs. 60 each to Rs. 27,400 and Rs. 27,200 per 10 gram, respectively.

It had gained Rs. 90 in the previous two sessions.

Sovereign, however, remained unaltered at Rs. 24,400 per piece of eight gram in limited deals.

Globally, gold traded a shade higher at $1,235.40 an ounce in Singapore.

On similar lines, silver ready declined by Rs. 110 to Rs. 41,490 per kg and weekly-based delivery by Rs. 190 to Rs. 41,350 per kg. The white metal had gained Rs. 350 in last two days.

Silver coins settled around previous level of Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.

Source: TheHindu