Gold loses Rs 50,silver Rs 700 as demand drops

New Delhi: Snapping its three-day rising streak, gold declined by Rs 50 to Rs 28,290 per 10 grams in the bullion market here today on sluggish demand amid a weak global trend, while silver shed Rs 700 to Rs 57,800 per kg on reduced off take by industrial units and coin makers.

Traders said sluggish demand at prevailing higher levels as the current wedding season comes to a close, and a weakening global trend led to the fall in precious metals' prices.

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In London, gold lost $8.30 to $1,698.10 an ounce and silver 1.03 percent to $33.65 an ounce. On the domestic front, gold of 99.9 and 99.5 percent purity declined by Rs 50 each to Rs 28,290 and Rs 28,150 per 10 grams, respectively.

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The metal had gained Rs 200 in the last three trading sessions. Sovereigns remained steady at Rs 23,500 per piece of eight grams on scattered deals. In line with a general weakening trend, silver ready dropped by Rs 700 to Rs 57,800 per kg and weekly-based delivery by Rs 1,050 to Rs 58,775 per kg. However, silver coins continued to be asked around previous levels of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

Reuters