Gold, silver weaken on sluggish demand, global cues

After two days of gains, gold prices eased by Rs 20 to Rs 27,580 per ten gram in the national capital today owing to slackened demand at prevailing higher levels amidst a weak global trend.
Silver also declined by Rs 250 to Rs 39,000 per kg on lack of buying support from industrial units.
Marketmen said fall in demand from jewellers and retailers at prevailing higher levels and a weak global trend mainly led to the fall in gold and silver prices.
Globally, gold in Singapore, which normally sets price trend on the domestic front, traded lower at USD 1,234.77 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 27,580 and Rs 27,380 per ten gram respectively. It had gained Rs 230 in the previous two days.
Sovereign, however, continued to trade at last level of Rs 24,200 per piece of eight gram in limited deals.
Tracing gold, silver ready fell by Rs 250 to Rs 39,000 per kg and weekly-based delivery by Rs 195 to Rs 38,740 per kg.
On the other hand, silver coins spurted by Rs 1,000 to Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces following 'Diwali' festival demand.