Gold, silver declines on sluggish demand, global cues

Snapping its three-day winning streak, gold prices fell Rs 160 to Rs 27,700 per ten gram in the national capital on Saturday owing to easing demand at prevailing higher levels amidst a weak global trend.
Silver also eased by Rs 475 to Rs 38,625 per kg on reduced offtake by industrial units and coin makers.

Traders said besides fall in demand at existing higher levels, a weak global trend due to gains in equities reducing demand for the precious metal as a haven, mainly influenced sentiments. Gold in New York, which normally determine price trend on the domestic front, fell by 0.2% to 1,239$ an ounce and silver by 0.6% to 17.33$ an ounce in Friday's trade. In Delhi, gold of 99.9 and 99.5% purity fell by Rs 160 each to Rs 27,700 and Rs 27,500 per ten gram respectively. It had gained Rs 280 in last three sessions.Sovereign, however, remained stable at Rs 24,300 per piece of eight gram.

Meanwhile, silver ready dropped by Rs 475 to Rs 38,625 per kg and weekly-based delivery by Rs 440 to Rs 38,400 per kg. Silver coins also plummeted by Rs 1,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.