Gold remains weak on global cues, subdued demand

Extending losses for the second day, gold prices on Monday declined by another Rs 35 to Rs 28,725 per ten gram in the national capital, largely in tune with a weak trend overseas amid easing demand from jewellers.

Silver followed suit and fell further by Rs 50 to Rs 44,000 per kg on lack of buying support from industrial units.

Traders said apart from fall in demand from jewellers and stockists, a weak trend in global markets with investors weighing tensions in West Asia and Ukraine mainly kept pressure on gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,305.28 an ounce and silver by 0.2 per cent to $19.86

an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity eased by Rs 35 each to Rs 28,725 and Rs 28,525 per ten gram respectively.

It had lost Rs 340 in the previous session.

Sovereign remained steady at Rs 24,800 per piece of eight gram.

Tracking gold, silver ready also declined by Rs 50 to Rs 44,000 per kg and weekly-based delivery by Rs 150 to Rs 43,430 per kg.

The white metal had lost Rs 650 in last trade.

Silver coins, however, continued to be asked at last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.