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Gold is very precious metal. Gold fell by Rs 10 to Rs 27,830 per 10 grams, while silver shed Rs 350 to Rs 52,650 per kg in the bullion market here today on reduced offtake at existing higher levels amid a weakening global trend.
Silver coins followed suit and dropped by Rs 2,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces. Traders said sentiment turned bearish after gold declined by one per cent to USD 1,583.57 an ounce and silver lost 3.4 per cent to USD 28.72 an ounce in Singapore, on concerns that Europe's sovereign-debt crisis may be worsening.
Reduced offtake by jewellery makers following subdued local demand at prevailing higher levels also influenced the prices, they added. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 27,830 and Rs 27,690 per 10 grams, respectively.
Sovereigns remained steady at Rs 23,200 per piece of eight grams.
Silver ready moved down by Rs 350 to Rs 52,650 per kg and weekly-based delivery lost Rs 855 to Rs 52,845 per kg. Silver coins also dropped by Rs 2,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.
Gold is metal to best friend for every one to festival seasons, but coming to its prices in market its too much higher but now Gold prices fell by Rs 95 to Rs 28,315 per ten gram in the bullion market today on reduced off-take by retailers and jewellers at prevailing higher levels amid a weakening overseas trend. Similarly, silver dropped by Rs 600 to Rs 56,500 per kg on reduced off-take by industrial units and silver coins manufacturers after the festival season came to a close.
Trading sentiment turned bearish as retail customers shied away from purchasing at existing costly levels besides a weakening trend in overseas markets last evening.
Gold price in global markets, which normally set price trend on the domestic front here, declined by USD 10.40 to USD 1,754 an ounce as a six-week rally spurred some investors to sell the precious metal.
Silver declined notably as industrial units refrained from buying amid drying up of demand from silver coins makers following ending of festivals including 'Diwali.' Sentiment was further effected after silver lost 0.8 per cent to USD 34.28 an ounce in New York last night.
At home, gold of 99.9 and 99.5 per cent purity fell by Rs 95 each to Rs 28,315 and Rs 28,175 per ten gram, respectively. Sovereign remained unchanged at Rs 22,200 per piece of eight gram.
Silver ready plunged by Rs 600 to Rs 56.500 per kg and weekly-based delivery by a same margin to Rs 56,250 per kg. Silver coins dropped by Rs 2,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.
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