Gold, silver trade lower on subdued demand, global cues

May 26, 2014

New Delhi-India (May 26)  Gold prices declined by Rs 50 to Rs 28,270 per ten grams in the national capital today on slackened demand from jewellers at prevailing levels amid a weak trend in global markets.

Silver also fell by Rs 50 to Rs 41,450 per kg on reduced offtake by industrial units.

Marketmen said besides sluggish demand from jewellers and shifting of funds from bullion to rising equities also influenced the sentiment.

They said a weak trend in precious metals in global markets  also weighed on the prices.

Gold in Singapore, which normally sets price  trend in the domestic market, fell 0.16 per cent to USD 1,290.80 an ounce and  silver by 0.64 per cent to USD 19.35 an ounce.

 In Delhi, gold of 99.9  and 99.5 per cent purity declined by Rs 50 each to Rs 28,270 and Rs 28,070 per ten grams, respectively, while sovereign held steady at Rs 24,800 per piece of 8  grams.

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