Gold prices decline on weak global cues

New Delhi, Jul 14: Snapping its four-day rising streak, gold prices fell by Rs 280 to Rs 28,450 per 10 grams in the national capital today on slackened demand at prevailing higher levels amid weak global cues.

Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced off take by industrial units and coin makers. Traders said sentiments turned bearish as buying by jewellers declined at current levels amid gold retreating from a four-month high in overseas markets as a rebound in equities dampened demand for an alternative investment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 1.6 per cent to USD 1,317.12 an ounce, the lowest level since July 8 and silver by 1.6 per cent to USD 21.09 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity plunged by Rs 280 each to Rs 28,450 and Rs 28,250 per 10 grams, respectively. It had gained Rs 670 in last four sessions. Sovereign, however, remained steady at Rs 24,900 per piece of eight grams in restricted buying.

Silver ready dropped by Rs 400 to Rs 45,600 per kg and weekly-based delivery by Rs 475 to Rs 45,590 per kg. Silver coins, however, continued to be asked at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

PTI