Gold, silver turns weak on sluggish demand, global cues

Taking cues from the weakness in global markets and slackened demand from jewellers, gold prices drifted by Rs 90 to Rs 26,990 per 10 gm at the bullion market today.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900 a kg due to reduced offtake by industrial units and coin makers.
Bullion traders said besides subdued demand at domestic spot markets from jewellers at existing levels, a weak global trend in the precious metals mainly dampened sentiments here.
Globally, gold in New York, which normally set price trend on the domestic front, declined by 0.31 per cent to USD 1,197.80 an ounce and silver by 0.25 per cent to USD 16.27 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 90 each to Rs 26,990 and Rs 26,840 per 10 gm, respectively. It had surged by Rs 210 yesterday.
Sovereign, however, held steady at Rs 23,700 per piece of eight gram.
Following gold, silver ready weakened by Rs 100 to Rs 36,900 per kg and weekly-based delivery lost Rs 230 to Rs 36,440 per kg.
On the other hand, silver coins traded at last level of Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.