Gold, silver fall on subdued demand, weak global cues

New Delhi, PTI | Updated : 10 July 2013, 03:25 PM

Both the precious metals, gold and silver, fell in the national capital on Wednesday on subdued demand at prevailing higher levels amid a weak global trend.

While gold fell by Rs 115 to Rs 26,715 per 10 grams, silver lost Rs 400 to Rs 40,350 per kg on lack of buying support from jewellers and industrial units.

Traders said subdued demand at prevailing higher levels amid a weak global trend as investors await minutes from the Federal Open Market Committee's meeting last month amid bets the central bank will begin reducing stimulus mainly influenced the sentiment.

Gold in Singapore, which normally sets the price trend on the domestic front, lost 0.6 per cent to USD 1,244.03 an ounce and silver slumped 1.4 per cent to USD 19.03 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 115 each to Rs 26,715 and Rs 26,515 per 10 grams, respectively. It had climbed Rs 280 on Tuesday. Sovereigns followed suit and declined by Rs 100 to Rs 24,000 per piece of eight grams.

In a similar fashion, silver ready declined by Rs 400 to Rs 40,350 per kg and weekly-based delivery by Rs 300 to Rs 40,300 per kg, respectively. The white metal had gained Rs 610 in the previous session.

Silver coins also plunged by Rs 1000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces on poor demand at existing higher levels.

First Published: Wednesday, July 10, 2013 03:24 PM
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