Gold, silver prices fall flat on sluggish demand

Gold and silver prices continued their losing streak for the third straight day in the national capital today, due to sluggish demand at prevailing higher levels, despite firm trends in global markets.

Gold fell further by Rs40 to Rs20,720 per 10 grams in continuation to a combined loss of Rs60 in last two sessions, while silver fell by Rs130 to Rs44,820 per kg, after a decline of Rs350 in the last two days.

Market analysts said trading sentiment were so weak that a firm trend in the Asian region, which set prices on the domestic front, failed to boost the precious metals' prices.

Gold rose by 0.2% to $1,388.52 an ounce in Seoul.

On the domestic front, gold of 99.9 and 99.5% purity fell further by Rs40 each to Rs20,720 and Rs20,600 per 10 grams, respectively. Sovereign followed suit and lost Rs50 to Rs16,750 per piece of eight gram.

In line with a general weakening trend, silver ready remained under selling pressure and lost another Rs130 to Rs44,820 per kg and weekly-based delivery traded lower by the same margin to Rs44,320 per kg.

Silver coins also declined by Rs100 to Rs49,300 for buying and Rs49,400 for selling of 100 pieces.