Gold turns weak on global cues, low demand; silver remains up

Weak global trend, fall in demand from jewellers and retailers kept pressure on gold prices

Gold prices retreated by Rs 50 to Rs 25,950 at the bullion market today, snapping its two-day rising run largely in step with a weak trend overseas amid easing demand from jewellers at prevailing levels.

However, silver strengthened by Rs 50 to regain the psychological level of Rs 35,000 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides weak global trend, fall in demand from jewellers and retailers at existing levels mainly kept pressure on gold prices here.

Globally, gold fell 0.3% to $1,082.83 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5% purity shed Rs 50 each to Rs 25,950 and Rs 25,800 per ten gram, respectively. It had gained Rs 650 in the previous two sessions.

Sovereign, lost Rs 100 at Rs 22,200 per piece of eight grams.

On the other hand, silver ready rose further by Rs 50 to Rs 35,000 per kg and weekly-based delivery by Rs 25 to Rs 35,185 per kg.

Meanwhile, silver coins continued to be traded at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.