Gold price eases on low demand, global cues

Mumbai, Feb 11: Gold prices declined by Rs 50 to Rs 27,830 per ten gram at the bullion market on Wednesday as demand from jewellers and retailers eased at prevailing levels amid a weak global trend.

However, silver held steady at Rs 38,100 per kg on scattered demand from industrial units. Traders said slackened demand from jewellers and retailers at existing levels and a weak trend overseas mainly led to the fall in the yellow metal prices.

Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity were down by Rs 50 each to Rs 27,830 and Rs 27,630 per ten gram, respectively. It had gained Rs 90 on Tuesday.

Sovereign followed suit and shed Rs 100 at Rs 23,800 per piece of eight gram. On the other hand, silver ready held steady at Rs 38,100 per kg on some support from coin makers, while weekly-based delivery declined by Rs 60 to Rs 37,655 per kg.

Silver coins, however, spurted by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on upsurge in the wedding season demand.

PTI