Gold, silver prices ease on fall in demand, weak global trend

Both precious metals, gold and silver, declined in the national capital today on reduced off-take by stockists and retailers at existing higher levels amid a weak overseas tend.  While gold eased by Rs 10 to Rs 27,660 per ten gram, silver lost Rs 300 to Rs 44,600 per kg on falling demand among industrial units and coin makers. Marketmen said retail customers and stockists refrained from buying precious metals following a recent upsurge and wait for some correction in prices.

 They said buying activity also slowed on a weakening trend in the Asian region as the dollar's strength dampened demand for a store of value.  Gold in Singapore, which normally set price trend on the domestic front, fell by 0.03 per cent to USD 1,399.60 an ounce and silver by 0.29 per cent to USD 22.48 an ounce on speculation that the US Federal Reserve may scale back asset purchases as the economy recovers.  In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 27,660 and Rs 27,460 per 10 gm, respectively. Sovereign held unchanged at Rs 24,100 per piece of eight gram.  Silver ready fell by Rs 200 to Rs 44,600 per kg and weekly based delivery by Rs 140 to Rs 43,980 per kg. Silver coins continued to be asked at last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Source : Economic Times