Bullion declines on easing demand, weak global cues
Spot gold of 99.9% purity sheds Rs 10 to Rs 28,800 per 10 gram, Silver plunges by Rs 350 to Rs 53,400 per kg
Both the precious metals, silver and gold, declined on the bullion market today on reduced offtake by retailers and stockists following off marriage season and weak global trend.
While silver dropped by Rs 350 to Rs 53,400 per kg, gold eased by Rs 10 to Rs 28,800 per 10 gm on falling demand among retailers and industrial units.
A weakening trend in overseas markets where gold fell to four-month low on deepening euro zone debt crisis further influenced the market activity.
London gold, which normally set price trend on the domestic front here, fell 0.6% to $1,569.32 an ounce, the lowest since January 3. Silver lost 1.6% to $28.45 an ounce.
In the domestic market in Mumbai, gold of 99.9% and 99.5% purity eased by Rs 10 each to Rs 28,800 and Rs 28,660 per ten gram respectively. Sovereign held steady at Rs 23,700 per piece of eight gram.
Silver ready plunged by Rs 350 to Rs 53,400 per kg and weekly-based delivery by Rs 325 to Rs 53,815 per kg. Silver coins dropped by Rs 100 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.