Gold falls to Rs 22,820 on global cues, silver slips by Rs 350

New Delhi: Gold declined by Rs. 45 to Rs. 22,820, while silver shed Rs. 350 to Rs. 57,250 per kg on Monday due to a weakening global trend amid sluggish local demand.

Traders said sentiments turned weak after both the precious metals recorded fresh losses in the global markets along with lack of buying interest at prevailing high levels in the local markets.

Gold in global markets, which normally sets a price trend on the domestic front, eased by $ 1.40 to $ 1,535.10 an ounce, while silver shed 0.21 per cent to Rs. $ 37.88 an ounce.

On the domestic front, silver ready fell by Rs. 350 to Rs. 57,250 per kg and weekly-based delivery declined by Rs. 335 to Rs. 57,250 per kg.

Silver coins followed suit and declined by Rs. 1,000 to Rs. 65,000 for buying and Rs. 66,000 for selling of 100 pieces.

In line with a general weakening trend, the gold of 99.9 and 99.5 per cent purity declined by Rs. 45 each to Rs. 22,820 and Rs. 22,700 per 10 grams, respectively.

However, sovereigns remained steady at Rs. 18,700 per piece of eight grams.