Gold prices fall by Rs 500 for a gram; silver down too over low demand

Gold prices declined by Rs 50 to Rs 28,350 per 10 grams at the bullion market in the national capital today owing to slackened demand from jewellers at prevailing levels.
Silver also snapped its two-day gaining streak and traded lower by Rs 200 at Rs 45,100 per kg on reduced offtake by industrial units and coin makers.
Marketmen said subdued demand from jewellers and retailers at prevailing levels, mainly led to the fall in gold prices but a firming trend overseas, capped the fall.
Globally, gold traded a shade higher at USD 1,319.94 an ounce in London yesterday.
In Delhi, gold of 99.9 and 99.5 per cent purity fell Rs 50 each to Rs 28,350 and Rs 28,150 per 10 grams respectively, while sovereigns remained steady at Rs 24,900 per piece of eight grams in limited deals.
Silver ready softened by Rs 200 to to Rs 45,100 per kg and weekly-based delivery shed Rs 20 to Rs 44,625 per kg. The white metal had gained Rs 500 in last two days.
On the other hand, silver coins in the absence of worthwhile activity, ended flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.