Gold, silver ease on global cues, fall in demand

Amid weak global cues and slackened demand from jewellers and retailers, gold prices drifted by Rs 140 to Rs 26,700 per ten gram at the bullion market today.
Furthermore, recovery in the rupee against dollar, making imports cheaper also influenced the sentiment.
Silver also shed Rs 50 at Rs 35,200 per kg on reduced offtake by industrial units and coin makers.
Traders said the fall in gold prices was mostly in line with a weak global trend where it held at three-week lows as investors weighed whether the US Federal Reserve will raise interest rates at its meeting next week and fall in demand from jewellers and retailers.

Globally, gold fell 0.30 per cent to USD 1,119.40 an ounce and silver shed 0.03 per cent to USD 14.57 an ounce in London.
In the national capital, gold of 99.9 and 99.5 per cent purity plunged Rs 140 each to Rs 26,700 and Rs 26,550 per ten grams, respectively. The precious metal had gained Rs 110 in yesterday.

Sovereign, however, continued to be traded at previous level of Rs 22,300 per piece of eight gram.
In line with overall trend, silver ready declined by Rs 50 to Rs 35,200 per kg and weekly-based delivery by Rs 350 to Rs 35,100 per kg.

However, silver coins was unchanged at Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.