Gold falls by Rs 140 on global cues; silver slips from peak

Posted By: Pti
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New Delhi, Feb 25 (PTI) Both gold and silver fell fromtheir all-time high levels on the bullion market today onprofit selling by stockists, driven by a weakening globaltrend.

While gold declined by Rs 140 to Rs 21,100 per 10 grams,silver shed Rs 1,000 to Rs 49,500 per kg. Both the metals hadsurged to record high levels yesterday.

Trading sentiments for the yellow metal turned bearish asit fell from a seven-week high in overseas markets as retailcustomers refrained from purchasing at existing high levels.

In global markets, gold fell by USD 9.60 to USD 1,402.10an ounce and silver by USD 1.43 to USD 32.11 an ounce.

On the domestic front, silver ready suffered a setback ofRs 1,000 to Rs 49,500 per kg. It had climbed to all-time highof Rs 50,500 yesterday. Silver weekly-based delivery tumbledby Rs 1,320 to Rs 49,330 per kg.

Silver coins declined by Rs 400 to Rs 54,200 for buyingand Rs 54,300 for selling of 100 pieces on reduced offtake byretailers.

In line with a general weakening trend, gold of 99.9 and99.5 per cent purity dropped by Rs 140 each to Rs 21,100 andRs 20,970 per 10 grams, respectively. It had peaked at Rs21,240 in the the last session.

However, sovereign held steady at Rs 17,200 per piece ofeight grams in restricted buying for the ongoing marriageseason.

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