Gold remains weak on global cues, low demand

Tracking a weak trend overseas and slackened demand from jewellers, gold continued its slide for the second day as prices fell by another Rs 150 to Rs 26,510 per ten gram at the bullion market today.
Silver also slipped below Rs 36,000 level by falling Rs 170 to Rs 35,830 per kg on reduced offtake by industrial users and coin makers.
Traders said weak global cues amid speculations that US interest rates may still increase before the year-end as Federal Reserve officials sought to ease concern over the health of the economy, eroding haven demand, mainly dampened sentiments here.
Globally, gold prices fell 0.57 per cent to USD 1,133.40 an ounce in New York in yesterday's trade.

Besides, subdued demand from jewellers and retailers too kept pressure on gold prices, they said.
In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs 150 each to Rs 26,510 and Rs 26,360 per ten gram respectively. It had shed Rs 15 yesterday.

Sovereign, however, continued to be traded at previous level of Rs 22,300 per piece of eight gram.
In tune with gold, silver ready declined by Rs 170 to Rs 35,830 per kg and weekly-based delivery by Rs 50 to Rs 36,055 per kg.
Silver coins settled around previous level of Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.