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Gold down by Rs 310, silver sheds Rs 800 on weak global cues

New Delhi: Snapping two days of rally, both gold and silver declined on the bullion market today on reduced offtake by stockists and jewellery makers amid a weak trend in overseas markets.

While gold fell by Rs 310 to Rs 28,300 per 10 grams, silver lost Rs 800 to Rs 64,200 per kg on reduced offtake by stockists and jewellers at higher levels.

Trading sentiment turned bearish after gold fell in global markets as concerns about the worsening European debt crisis drove the euro lower against the dollar, dampening demand for commodities and the US currency.

Gold in global markets, which normally sets the price trend on the domestic front, shed 0.5 per cent to USD 1,770.07 an ounce in Singapore.

Besides, fall in demand at prevailing higher levels and rising equity attracted investors for quick gains, which further influenced the trading sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 310 each to Rs 28,300 and Rs 28,150 per 10 grams, respectively. The metal had gained Rs 870 in the last two trading sessions.

Sovereign followed suit and shed Rs 100 to Rs 22,700 per piece of eight grams.

In a similar fashion, silver ready dropped by Rs 800 to Rs 64,200 per kg, after gaining Rs 1,700 in the precious two trading sessions. Silver for weekly-based delivery declined by Rs 995 to Rs 64,100 per kg.

Silver coins moved down by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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