Gold declines marginally on weak global cues

Gold shed Rs 15 to Rs 18,125 per ten grams in the capital today on profit selling by stockists amid a weak global trend.

However, silver remained in demand from industrial units and coin manufacturers and rose by Rs 300 to Rs 29,300 per kg. 

Marketmen said profit-selling by stockists on expectations that the precious metal will lose more ground in the coming days and a weak global trend led to a fall in the gold prices.

They said subdued demand at existing higher levels also influenced the gold prices.

Gold in global markets, which normally sets a price trend on the domestic front, traded marginally lower by $1.30 to $1,180.70 an ounce.

Gold of 99.99 per cent and 99.5 per cent purity declined further by Rs 15 each to Rs 18,125 and Rs 18,025 per ten grams, respectively. They had lost Rs 5 in the previous session. Sovereigns continued to be asked around their previous level of Rs 14,500 per piece of eight gram.

On the other hand, silver ready remained in demand and surged by Rs 300 to Rs 29,300 per kg and weekly-based delivery by Rs 270 to Rs 29,065 per kg.

Silver coins continued to rise by Rs 100 to Rs 34,300 for buying and Rs 34,400 for selling of 100 pieces on account of festive demand.