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Gold loses Rs 190, silver sheds Rs 900

New Delhi: Gold tumbled by Rs 190 to Rs 30,400 per 10 grams, while silver declined by Rs 900 to Rs 53,900 per kg on sluggish demand amid weak trend in the global markets. Both gold and silver fell for the third day in a row in the bullion market here today on reduced offtake at existing high levels and a weak global cues, traders said.

Trading sentiment remained bearish as gold fell further in global markets following the US Federal Reserve`s move to not resume a debt purchase program even as the economy showed signs of slowing. In Singapore, gold fell by 0.2 per cent to USD 1,562.88 an ounce and silver by 0.4 per cent to USD 26.78 an ounce, the lowest level since December 29.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 190 each to Rs 30,400 and Rs 30,200 per 10 grams, respectively. The metal lost Rs 160 in last two trading sessions. Sovereign also declined by Rs 100 to Rs 24,400 per piece of eight grams.

Similarly, silver ready remained under selling pressure and dropped further by Rs 900 to Rs 53,900 per kg and weekly-based delivery by Rs 960 to Rs 53,100 per kg. The white metal has lost Rs 1,000 in the previous two sessions. Silver coins too traded in negative zone with a loss of Rs 500 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

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