Gold, silver decline on weak global cues
Marketmen said besides slackened demand, weak trend in overseas markets — where gold fell the most in a week amid concern that a slowdown in China may curb demand for the precious metal — also put pressure on the prices. Gold in global markets, which normally set price trend on the domestic front, slid 1.2 per cent to USD 1,660.20 an ounce, the biggest drop since April 4 in New York last night.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 28,890 and Rs 28,750 per 10 gm, respectively. The metal had regained the psychological of Rs 29,000 level yesterday.
However, sovereign remained steady at Rs 23,550 per piece of eight gram in limited deals. Similarly, silver ready dropped by Rs 900 to Rs 56,000 per kg and weekly-based delivery by Rs 1,035 to Rs 5,600 per kg. Silver coins followed suit and plunged by Rs 2,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.