Gold, silver decline on sluggish demand, overseas trend
New Delhi: Snapping its 3-day winning streak, gold prices fell Rs 40 to Rs 27,110 per 10 grams at the bullion market today owing to slack demand from jewellers and retailers at prevailing levels.
Silver also plunged Rs 800 to Rs 37,000 per kg on poor offtake by industrial units and coin-makers.
Traders said fall in demand at the existing levels and a weak trend in the global market mainly kept up pressure.
Globally, gold fell 0.24 per cent to USD 1,182.80 an ounce and silver shed 0.72 per cent to USD 15.89 an ounce in London.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity per 10 grams were down Rs 40 each at Rs 27,110 and Rs 26,960, respectively. It had gained Rs 200 in the previous three sessions.
Sovereign, however, was well maintained at previous level of Rs 23,400 per 10 grams.
Also, silver ready slumped Rs 800 to Rs 37,000 per kg and weekly-based delivery Rs 270 to Rs 36,625 per kg.
Silver coins of 100 pieces, however, continued at the last level of Rs 54,000 for buying and Rs 55,000 for selling.