Gold, silver slip from record levels on weak global cues

Gold and silver prices slipped from their record high levels today on reduced offtake at existing higher levels, amid weak global cues.

While gold fell by Rs 100 to Rs 20,700 per 10 grams, silver declined by Rs 200 to Rs 42,300 per kg.

Trading sentiments turned bearish, as retailers refrained from buying at a high cost and waited for the prices to go down to lower levels.

They said a weak trend in global markets, following easing tensions between North and South Korea, curbed demand for the precious metals.

The gold in global markets, which normally sets a price trend on the domestic front here, lost 0.4 per cent to $1,368.20 an ounce.

On the domestic front, gold of 99.9 per cent purity fell by Rs 100 to Rs 20,700 and 99.5 per cent purity fell by Rs 90 to Rs 20,580 per 10 grams, respectively. The metal had surged to an all-time high level of Rs 20,800 yesterday.

However, sovereigns witnessed selective buying and improved by Rs 100 to Rs 16,600 per piece of eight gram.

In line with a general weak trend, silver ready declined by Rs 200 to Rs 42,300 per kg and weekly-based delivery by Rs 160 to Rs 41,750 per kg.

On the other hand, silver coins remained in demand for the ongoing marriage season and rose by Rs 200 to Rs 46,100 for buying and Rs 46,200 for selling of 100 pieces.