Gold weakens on global cues: silver fall on reduced offtake

Gold prices fell by Rs 30 to Rs 26,870 per ten gram at the bullion market in the national capital today largely in tandem with a weak trend in the global markets.

Besides, fall in demand at domestic spot markets from jewellers also kept pressure on the precious metal prices. 

Tracking gold, silver declined by Rs 100 to Rs 36,900 per kg on reduced offtake by industrial users. Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.

Gold in Singapore, which normally set price trend on the domestic front, edged lower by 0.3 per cent to USD 1,201.81 an ounce and silver by 0.2 per cent to USD 16.43 an ounce. 

In Delhi, gold of 99.9 and 99.5 per cent purity were down by Rs 30 each to Rs 26,870 and Rs 26,670 per ten gram respectively, while sovereign held steady at Rs 23,700 per piece of eight gram. 

Silver ready traded lower by Rs 100 to Rs 36,900 per kg and weekly-based delivery by Rs 150 to Rs 36,500 per kg.

On the other hand, silver coins were well maintained at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.