Precious metals decline on weak demand, global cues
Gold and silver declined in the national capital today on selling by stockists influenced by a weak global trend amid fall in demand at existing higher levels.
While gold declined by Rs 20 to Rs 20,420 per 10 grams, silver lost Rs 150 to Rs 39,800 per kg.
Trading sentiment remained bearish after gold declined in overseas markets as rally to a record prompted some investors to sell and strong dollar's eroded bullion's appeal as an alternative investment.
Gold in global markets, which normally sets the price trend on the domestic front here, fell 0.3 per cent to $1,364.40 an ounce.
On the domestic front, gold of 99.9 purity declined by Rs 20 to Rs 20,420 and 99.5 per cent purity by Rs 40 to Rs 20,290 per 10 grams, respectively.
However, sovereign remained stable at Rs 16,400 per piece of eight grams in restricted buying.
In line with a general weak trend, silver ready fell by Rs 150 to Rs 39,800 per kg on reduced offtake by industrial units and weekly-based delivery lost Rs 110 to Rs 39,300 per kg on lack of speculator's buying.
Silver coins continued to trade around their last levels of Rs 43,800 for buying and Rs 43,900 for selling of 100 pieces.