Gold down by Rs 160 at Rs 28,340 on weak global cues

New Delhi, Sept 22: Gold prices fell by Rs 160 to Rs 28,340 per 10 grams in the national capital today (Sept 22) on emergence of selling by stockists following weak global cues.

Silver, however, added Rs 150 to Rs 64,500 per kg on scattered buying by industrial units and jewellery makers.

Trading sentiment turned weak as gold dropped in global markets after the US Federal Reserve pledged to buy long-term debt worth USD 400 billion. It pushed up the American currency hurting commodities priced in the US dollar.

Gold in global markets, which normally sets the price trend on the domestic front, fell by 0.8 per cent to USD 1,767.57 an ounce in Singapore.

Sluggish demand at existing higher levels also influenced gold prices, traders said. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 28,340 and Rs 28,190 per 10 grams, respectively. It had gained Rs 200 yesterday.

Similarly, sovereign shed Rs 50 to Rs 22,700 per piece of eight grams. On the other hand, silver ready found scattered buying support from industrial units and jewellery makers, adding Rs 150 to Rs 64,500 per kg. However, silver weekly-based delivery declined by Rs 255 to Rs 64,300 per kg.

Silver coins remained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

PTI