Gold slips by Rs 30 on subdued demand, global cues

Posted By: Pti
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New Delhi, Feb 14 (PTI) Notwithstanding a firm globaltrend, prices of both the precious metal, gold and silver,slipped in the bullion market today, due to sluggish demand atexisting high levels.

While gold fell by Rs 30 to Rs 20,490 per 10 grams,silver declined by Rs 50 to Rs 45,750 per kg.

Traders said firming trends in overseas markets, whichnormally sets the price trend on domestic front, failed toboost the trading sentiments for both the metals.

The yellow metal rose by 0.3 per cent to USD 1,360.57 anounce in the Asian region.

On the domestic front, gold of 99.9 and 99.5 per centpurity declined by Rs 30 each to Rs 20,490 and Rs 20,370 per10 grams, respectively. However, sovereign remained flat at Rs16,900 per piece of eight grams in limited deals.

In line with the general weakening trend, silver readydeclined by Rs 50 to Rs 45,750 per kg, and weekly-baseddelivery went down by Rs 95 to Rs 45,415 per kg.

However, silver coins gained Rs 100 to Rs 50,400 forbuying and Rs 50,500 for selling of 100 pieces, on account ofthe ongoing marriage season demand.

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