Gold, silver turn weak on sluggish demand

Posted By: Staff
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New Delhi, Aug 14 (PTI) After two days of gains, gold prices today declined by Rs 20 to Rs 28,800 per ten gram in the national capital owing to slackened demand at existing higher levels even as metal strengthened overseas. Silver followed suit and lost Rs 350 at Rs 43,950 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said subdued demand at prevailing levels mainly led to the fall in precious metal prices but a better trend in the global market capped losses. In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 28,800 and Rs 28,600 per ten gram respectively. It had gained Rs 95 in the last two sessions. Sovereign, however, continued to trade steady at Rs 24,800 per piece of eight gram in limited deals. Globally, gold was trading 0.30 per cent higher at USD 1,316.43 an ounce in London today.

In a similar fashion, silver ready fell by Rs 350 to Rs 43,950 per kg and weekly-based delivery by Rs 515 to Rs 43,315 per kg. The white metal had gained Rs 300 in the previous two days. On the other hand, silver coins remained unaltered at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

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