Gold, silver fall on subdued demand, global cues

Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market on Saturday as demand from jewellers and retailers eased at existing levels amidst a weak global trend.

Silver prices also edged lower by Rs 65 to Rs 40,035 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said besides fall in demand from jewellers and retailers at prevailing levels, a weak global trend mainly attributed fall in precious metal prices.

Gold in New York, which normally determines price trend on the domestic front, fell by 0.6 per cent to $1,292.60 an ounce and silver by 0.3 per cent to $18.30 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity moved down by Rs 100 each to Rs 28,400 and Rs 28,200 per ten gram respectively. It had gained Rs 150 on Friday.

Sovereign, however, moved in a narrow range in scattered deals and settled at the last level of Rs 24,000 per piece of eight grams.

In line with a general weak trend, silver ready eased by Rs 65 to Rs 40,035 per kg and weekly-based delivery by Rs 225 to Rs 39,875 per kg.

On the other hand, silver coins to be traded at previous level of Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.