Gold silver fall on weak global cues, subdued demand

Posted By: Pti
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New Delhi, Feb 3 (PTI) Both the precious metals, gold andsilver, fell on frantic selling by stockists due to weaktrends overseas.

While silver fell by Rs 400 to Rs 43,600 per kg, goldlost Rs 150 to Rs 20,100 per 10 grams.

Sentiments for gold turned bearish after the yellow metaldeclined in global markets on expectation that an economicrecovery in US will erode the allure of precious metals as analternative investment, amid concerns of rising inflation andescalating protests in Egypt.

Gold in global markets, which normally sets a price trendon the domestic front, fell by 0.3 per cent to USD 1,331.50 anounce.

Besides, fall in demand at existing higher levels andshifting of funds from weakening bullion to rising equitiesalso influenced the trading sentiment to some extent.

On the domestic front, gold of 99.9 and 99.5 per centpurity fell further by Rs 150 and Rs 130 to settle at Rs20,100 and Rs 20,000 per 10 grams, respectively. The metallost Rs 120 in the previous session.

Sovereign followed suit and declined by Rs 100 to Rs16,650 per piece of eight grams.

In line with a general weakening trend, silver readydropped by Rs 400 to Rs 43,600 per kg and weekly-baseddelivery by Rs 335 to Rs 43,335 per kg.

However, silver coins continued to be asked aroundprevious level of Rs 48,500 for buying and Rs 48,600 forselling of 100 pieces.

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