Gold, silver decline on weak global cues, sluggish demand

Posted By: Pti
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New Delhi, Jan 13 (PTI) Both the precious metals, silverand gold moved down in the national capital today on emergenceof selling by stockists on the back of weakening global trend.

While silver fell by Rs 225 to Rs 45,250 per kg onreduced offtake by industrial units, gold shed Rs 10 to Rs20,685 per 10 grams on less buying at higher levels.

Market analysts said fresh selling by stockists in tandemwith weakening global trend mainly led to decline in preciousmetals.

They said reduced offtake at existing higher levelsfurther influenced the market sentiment.

Gold in global markets, which normally sets a price trendon the domestic front here, fell by USD 4.60 to USD 1,383.40an ounce.

On the domestic front, silver ready plunged by Rs 225 toRs 45,250 per kg and weekly-based delivery by Rs 140 to Rs44,980 per kg. Silver coins fell by Rs 400 to Rs 50,500 forbuying and Rs 50,600 for selling of 100 pieces.

In line with the general weakening trend, gold of 99.9and 99.5 per cent purity shed Rs 10 each to Rs 20,685 and Rs20,565 per 10 grams, respectively. Sovereign remained stableat Rs 16,950 per piece of eight grams in restricted tradeactivity.

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