Gold declines by Rs 160, silver by Rs 100 on global cues

New Delhi, Jan 25: Gold declined for the second straight day in the bullion market here on Wednesday and lost Rs 160 to Rs 27,770 per 10 grams, while silver shed Rs 100 to Rs 55,200 per kg on weak global cues.

Traders said gold declined due to sustained selling by stockists in tandem with a weakening global trend and silver lost strength on reduced offtake by industrial units.

In New York, gold fell by $ 9.90 to $ 1,666.40 an ounce last night and silver shed 0.93 per cent to $ 32.05 an ounce.

Back home, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 27,770 and Rs 27,630 per 10 grams, respectively.

Sovereign held steady at Rs 23,300 per piece of eight grams on limited deals.

In line with a general weakening trend, silver ready declined by Rs 100 to Rs 55,200 per kg. It had gained Rs 3,100 yesterday.

However, silver weekly-based delivery added Rs 50 to Rs 55,775 per kg on speculator's support.

Silver coins also spurted by Rs 2,000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces on increasing demand due to the marriage season.

PTI