Gold declines on weak global cues; silver sparkles

Gold snapped a two-day rising streak falling by Rs 25 to close at Rs 15,475 per ten gram in the bullion market here today on emergence of selling at existing higher levels influenced by a weakening global trend.

However, silver continued its upward journey by adding another Rs 200 at Rs 22,600 per kg on increased buying by coins manufacturers and industrial units.

Marketmen said fresh selling by stockists in gold on reports the precious metal declined in US market last night mainly led to fall in gold prices.

They said retail customers also avoid buying at existing higher levels which further fuelled a downtrend.

Gold for April delivery fell 7.90 dollar to 950.90 dollar on the New York Mercantile Exchange.

Standard gold and ornaments which had gained Rs 500 each in last two trading sessions, fell by Rs 25 to Rs 15,475 and Rs 15,325 per ten gram respectively. Sovereign, however,held steady at Rs 12,400 per piece of eight gram.

On the other hand, the white metal remained in demand and notched a further sharp gain. Silver ready rose further by Rs 200 to Rs 22,600 per kg and weekly-based delivery by Rs 300 to Rs 22,700 per kg.

Silver coins also gained Rs 100 to Rs 28,400 for buying and Rs 28,500 for selling of 100 pieces in line with silver.