Gold declines on negative global cues

Tracking weak global cues, gold prices today fell by Rs 80 to settle the day at Rs 15,240 per 10 grams in the bullion market here on reduced offtake by retail customers and jewellers due to off season.

A weakening trend in overseas markets mainly sparked selling by stockists with the marriage and festival season getting over, marketmen said.

The precious metal in overseas markets, which normally set price trend in domestic market, witnessed the gold trading around 915 dollar an ounce last evening, they said.

Retail customers refrained from buying raw gold and jeweller at existing higher levels was another dampening factor, they added.

Standard gold and ornaments fell by Rs 80 each to Rs 15,240 and Rs 15,090 per 10 grams, respectively. Sovereign quoted at last level of Rs 12,350 per piece of eight grams in limited deals.

In a similar fashion, silver ready attracted brisk selling pressure from stockists and speculators and lost significant ground. Silver ready dropped by Rs 280 to Rs 21,720 per kg and weekly-based delivery by Rs 380 to Rs 21,820 per kg.

However, silver coins continued to be asked around previous level of Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces.