Gold declines on sluggish demand, global cues

Snapping a two-day rising streak, gold prices today fell by Rs 170 to Rs 27,300 per ten grams at the bullion market in the national capital owing to slackened demand from jewellers and retailers at prevailing higher levels amid a weak global trend.
Silver also eased by Rs 200 to Rs 38,200 per kg on reduced offtake by industrial units and coin makers.
Traders said besides easing demand from jewellers and retailers at existing levels, a weak global trend mainly led to the fall in gold and silver prices.
Globally, gold in Singapore, which normally sets price trend on the domestic front, shed 0.05 per cent to USD 1,225.50 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 170 each to Rs 27,300 and Rs 27,100 per ten gram respectively. It had gained Rs 820 in the past two days.
Sovereign, however, held steady at Rs 23,800 per piece of eight gram in limited deals.
Following gold, silver ready moved down by Rs 200 to Rs 38,200 per kg and weekly-based delivery by Rs 85 at Rs 38,530 per kg.
On the other hand, silver coins traded at last level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.