Gold declines marginally on profit-selling, subdued demand

Gold prices declined marginally by Rs 15 to Rs 18,285 per ten grams in the capital today on profit-selling by stockists amid reduced offtake at higher levels.

Silver also dropped by Rs 300 to Rs 29,200 per kg on reduced offtake from industrial units.

Profit-selling by stockists at existing higher levels led to a fall in gold prices, marketmen said, adding that retail customers and jewellery makers refrained from buying at such levels. 

Gold of 99.99 per cent and 99.5 per cent purity declined by Rs 15 each to Rs 18,285 and Rs 18,185 per ten grams, respectively. The precious metal had gained Rs 175 in the previous session.

Sovereigns remained steady at Rs 14,600 per piece of eight gram.

In line with a general weak trend, silver ready dropped by Rs 300 to Rs 29,200 per kg and weekly-based delivery by Rs 245 to Rs 28,995 per kg.

Silver coins remained steady around previous level of Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.