Gold, silver decline on sluggish demand, overseas trend

Snapping its three-day rising streak, gold prices fell by Rs 40 to Rs 27,110 per ten grams at the bullion market today owing to slackened demand from jewellers and retailers at prevailing levels.
Silver also plunged by Rs 800 to Rs 37,000 per kg on poor offtake by industrial units and coin-makers.
Traders said fall in demand at existing levels and a weak trend in global market mainly kept pressure on precious metal prices.
Globally, gold fell by 0.24 per cent to USD 1,182.80 an ounce and silver shed 0.72 per cent to USD 15.89 an ounce in London.
In the national capital, gold of 99.9 and 99.5 per cent purity were down by Rs 40 each to Rs 27,110 and Rs 26,960 per ten grams, respectively. It had gained Rs 200 in the previous three sessions.

Sovereign, however, was well maintained at previous level of Rs 23,400 per ten gram.
Also, silver ready dropped by Rs 800 to Rs 37,000 per kg and weekly-based delivery by Rs 270 to Rs 36,625 per kg.
Silver coins, however, continued to be asked at last level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.