Gold down Rs 75 to Rs 26,940 on weak global cues

New Delhi, Sept 28: Gold prices declined by Rs 75 to Rs 26,940 per 10 grams in the national capital today (Sept 28) due to sluggish demand at prevailing higher levels amid a weak trend in the Asian region.

However, silver rose further by Rs 200 to Rs 55,200 per kg on better offtake by industrial units at lower levels, after a steep fall earlier this week.

Trading sentiment turned bearish after gold declined in the Asian region, as investors sold the metal for cash to pay losses as commodities, including oil and copper fell on concerns that European leaders may fail to contain the region's debt crisis.

Gold in Asian markets, which normally sets the price trend on the domestic front, dropped by 1.1 per cent to USD 1,632.05 an ounce in Singapore.

Besides, sluggish demand at prevailing higher levels also influenced the gold prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 75 each to Rs 26,940 and Rs 26,800 per 10 grams, respectively. The metal had gained Rs 275 yesterday.

However, sovereigns found some local buying, following beginning of ''Navratra'' festival and rose by Rs 400 to Rs 21,600 per piece of eight grams.

On the other hand, silver ready rose further by Rs 200 to Rs 55,200 per kg, while weekly-based delivery met with resistance and lost Rs 345 to Rs 53,700 per kg.

Silver coins moved up by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on account of festive demand.

PTI