Gold, silver fall amid weak global cues

Gold prices declined by Rs 70 to trade at Rs 28,230 per 10 grams while silver fell by Rs 200 at the bullion market here today on poor demand amid weakening global trend.

Silver lost Rs 200 to trade at Rs 56,000 per kg on reduced offtake by jewellers and industrial units.

Trading sentiment turned bearish after gold fell in global markets as progress on a bailout for Greece eroded the appeal of the precious metal as a safe haven.

Gold in global markets, which normally set price trend on the domestic front, fell by 5 dollar to 1723.80 dollar an ounce and silver by 0.72% to 33.28 dollar an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5% purity declined by Rs 70 each to Rs 28,230 and Rs 28,090 per ten grams respectively, while sovereign remained steady at Rs 23,400 per piece of eight gram for want of support.

Silver ready fell by Rs 200 to Rs 56,000 per kg and weekly-based delivery by Rs 330 to Rs 56,030 per kg.

Silver coins also dropped by Rs 1000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.