Gold, silver prices slide on weak global trend

Reduced offtake of precious metals by stockists and jewellers saw gold and silver prices slide in the national capital today amid a weakening trend on the global front.

Gold of 99.9 per cent and 99.5 per cent purity fell by Rs 50 each to Rs 18,650 and Rs 18,550 per ten grams, respectively. Sovereigns also lost Rs 25 to Rs 14,675 per piece of eight grams.

Silver followed suit and fell by Rs 50 to Rs 29,000 per kg on reduced offtake by industrial units, while weekly-based delivery prices dipped by Rs 100 to Rs 28,765 per kg on reduced offtake by speculators.

Silver coins continue to be traded at the previous level of Rs 34,100 for buying and Rs 34,200 for selling of 100 pieces in limited deals. Marketmen said buying activity has witnessed a slowdown because the marriage season is over and there is still time for the festival season.

Furthermore, retail buyers have abstained from buying at the existing higher levels for gold and silver.

Meanwhile, the price of gold in New York markets, which normally sets the price trend on the domestic front, fell as demand for the precious metal as an investment haven slackened on signs of a recovery in the global economy.