Gold weakens on low demand; silver gains on fresh buying

Gold prices fell by Rs 50 to trade at Rs 27,250 per 10 grams in the bullion market today on slacking demand from jewellers even as it made gains in overseas market.
Silver, however, attracted increased buying support from industrial units and edged up Rs 50 to Rs 37,900 per kg.
Bullion traders attributed the fall in gold prices to a decline in demand from jewellers as well as retailers at current levels but firming global trend capped the fall.
Globally, gold rose by 0.6 per cent to USD 1,188.90 an ounce and silver by 1 per cent to USD 16.46 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 as well as 99.5 per cent purity declined by Rs 50 each to Rs 27,250 and Rs 27,100 per 10 gram respectively. It had gained Rs 70 yesterday.
Sovereign, however, continued to be traded at last level of Rs 23,700 per piece of eight gram.
On the other hand, silver ready rose by Rs 50 to Rs 37,900 per kg while weekly-based delivery by Rs 120 to Rs 37,935 per kg.
Meanwhile, silver coins unaltered at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.