Gold, silver decline on weak global cues

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Gold, silver decline on weak global cues
New Delhi, Mar 15 (PTI) Continuing a downward march for the third straight session, gold today lost Rs 200 to Rs 27,690 per 10 grams due to continued selling by stockists amid a weakening global trend.

Silver also remained under pressure and traded Rs 800 lower at Rs 56,200 per kg on reduced offtake by industrial units and coin-makers. Market analysts said sustained selling by stockists in line with a weakening global trend mainly kept pressure on both the precious metals' prices.

In Singapore, gold fell by 0.2 per cent to USD 1,642.18 an ounce. In addition, fall in local demand at prevailing higher levels further weighed on the precious metals' values. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 27,690 and Rs 27,550 per 10 grams, respectively.

The metal had lost Rs 375 in the last two trading sessions. Sovereigns also met with resistance and shed Rs 50 to Rs 23,350 per piece of eight grams. The slide in silver ready remained unabated and lost another Rs 800 to Rs 56,200 per kg. It had lost Rs 1,200 in the previous three trading sessions.

Similarly, silver weekly-based delivery fell by Rs 800 to Rs 57,140 per kg on lack of speculators' support. In line with silver, its coins also dropped by Rs 2,000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.

PTI

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