Gold eases on sluggish demand, global cues

After a three-day gaining streak, gold prices today drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand at prevailing levels amid a weak global trend.
Silver also declined by Rs 140 to Rs 36,860 per kg on reduced offtake by industrial units and coin makers.
Traders said easing demand from jewellers at existing levels and a weak global trend -- where gold fell to a two-week low -- mainly kept pressure on precious metals prices.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7 per cent to USD 1,190.18 an ounce, the lowest price since April 1 and silver by 1 per cent to USD 16.11 an ounce, the lowest since March 20.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 70 each to Rs 27,050 and Rs 26,900 per ten grams respectively. It had gained Rs 370 in the previous three sessions.
Sovereign followed suit and shed Rs 100 at Rs 23,600 per piece of eight gram.
Following gold, silver ready traded lower by Rs 140 to Rs 36,860 per kg and weekly-based delivery by a similar margin to Rs 36,560 per kg.
Silver coins also dropped by Rs 1,000 to Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.