Gold, silver down on reduced offtake, global cues

Snapping a two-day rising streak, both the precious metals -- gold and silver -- fell in the national capital today on reduced offtake by stockists at prevailing higher levels amid a weak global trend.
While gold fell by Rs 30 to Rs 30,780 per 10 grams, silver lost Rs 100 to Rs 51,100 per kg on reduced offtake by industrial units and coin makers.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
They said a weakening global trend after the Federal Reserve this week maintained the pace of monthly bond purchases, reducing demand for the precious metals as alternate investment, further influenced the sentiment.

Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.3 per cent to USD 1,361.94 an ounce and silver by 0.2 per cent to USD 23.03 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 30 each to Rs 30,780 and Rs 30,580 per 10 grams, respectively. The yellow metal had gained Rs 710 in last two days. Sovereigns, however, found scattered buying support from retailers and rose by Rs 100 to Rs 25,200 per piece of eight grams.
Silver ready and weekly-based delivery lost Rs 100 each to Rs 51,100 per kg respectively. The white metal had gained Rs 1,670 in the previous two session.

On the other hand, silver coins spurted by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.