Gold loses Rs 95, silver sheds Rs 500 on poor demand

New Delhi, Mar 13: Both gold and silver tumbled in the bullion market here on Tuesday on reduced offtake at higher levels amid a weak global trend. Gold fell by Rs 95 to Rs 28,170 per 10 grams as jewellers and retail customers refrained from purchasing at existing higher levels, while silver lost Rs 500 to Rs 57,500 per kg on reduced offtake by industrial units.

Silver coins followed suit and tumbled by Rs 2,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces. A weak trend in overseas market, where gold along with other commodities plunged on concerns that China's economy is slowing, influenced the trading sentiment, traders said.

Gold shed USD 17.20 to USD 1,696.30 an ounce and silver declined by 1.4 per cent to USD 33.82 an ounce in New York last evening. In addition, retail customers here refrained from purchasing gold at existing higher levels, which also dampened the trading sentiment to some extent.

On the domestic front, the gold of 99.9 and 99.5 per cent purity fell by Rs 95 each to Rs 28,170 and Rs 28,030 per 10 grams, respectively. Sovereign held unchanged at Rs 23,500 per piece of eight grams on limited deals. Silver ready fell by Rs 500 to Rs 57,500 per kg and weekly-based delivery by Rs 370 to Rs 57,450 per kg.

PTI