Gold declines on subdued demand

Gold prices declined by Rs 50 to Rs 16,990 per ten gram here today on subdued demand and in the absence of global cues as the international markets are shut for Christmas break.

Marketmen said a fall in demand at the existing higher levels amid international markets being shut for Christmas and winter break led to a fall in gold prices.

Overseas markets like London and New York, which give the cue for gold prices here, remained closed and dampened trading sentiment.

However, silver ready strengthened by Rs 50 to Rs 27,950 per kg and weekly-based delivery by Rs 100 to Rs 27,600 per kg. Similarly, silver coins also gained Rs 100 to Rs 33,500 for buying, and Rs to 33,600 for selling, per 100 pieces.

Standard gold and ornaments declined by Rs 50 each to Rs 16,990 and Rs 16,840 per ten gram, respectively, while sovereign held steady at Rs 14,000 per eight-gram piece.