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Gold falls by Rs 160 on sluggish demand, global cues

Source: PTI
June 24, 2014 15:59 IST
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Gold barsAfter three sessions of gains, gold prices on Tuesday declined by Rs 160 to Rs 28,625 per ten gram in the national capital due to fall in demand at prevailing higher levels amid a weak global trend.

Silver remained under selling pressure and lost another Rs 100 to Rs 44,700 per kg.

Marketmen said besides fall in demand from jewellers and retailers in the spot markets, a weak trend in precious metals overseas amid signs of slowing physical demand led to the fall in gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,313.98 an ounce and silver by 0.3 per cent to $20.82

an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 28,625 and Rs 28,425 per ten gram, respectively.

It had gained Rs 765 in the last three days.

Sovereign, however, continued to be asked at last level of Rs 24,900 per piece of 8 gram in scattered deals.

Silver ready eased by another Rs 100 to Rs 44,700 per kg and weekly-based delivery by Rs 175 to Rs 44,250 per kg. The white metal had lost Rs 100 on Monday.

On the other hand, silver coins remained steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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