Gold, silver prices fall on sluggish demand, global cues

Mumbai, Nov 15: Gold prices plunged by Rs 225 to Rs 26,135 per 10 grams in the national capital on Friday, Nov 14 on easing demand from jewellers and retailers amid a weakening global trend.

Silver also dropped by Rs 800 to Rs 34,600 per kg on poor offtake by industrial units and coin makers. Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.

Besides, crude oil prices falling to four-year low and gain in dollar eroded demand for the precious metal as an alternative investment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 1.1 percent to USD 1,149.87 an ounce and silver by 2.4 percent to USD 15.28 an ounce, the lowest since November 7.

Investors shifting funds towards rising equity market also dampened sentiments, traders said.

In Delhi, gold of 99.9 and 99.5 percent purity tumbled by Rs 225 each to Rs 26,135 and Rs 25,935 per 10 grams, respectively. It had lost Rs 90 in yesterday's trade.

Sovereign too traded lower by Rs 100 to Rs 23,600 per piece of eight grams.

Silver ready dropped by Rs 800 to Rs 34,600 per kg and weekly-based delivery by Rs 766 to Rs 33,999 per kg.

Silver coins plummeted by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

PTI