Gold, silver fall on slack demand, global cues

The yellow metal had clocked this year's biggest single-day rise of Rs 840 to close at Rs 27,040 per 10 grams in Tuesday's trade.

Gold prices fell by Rs 160 to Rs 26,880 per 10 grams at the bullion market in national capital on Wednesday as demand eased at prevailing levels amidst a weak global trend.

Silver also declined by Rs 100 to Rs 36,900 per kg on reduced offtake by industrial units.

Traders said apart from slackened demand at existing higher levels from jewellers and retailers, a weak global trend mainly led to the fall in gold and silver prices.

Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 26,880 and Rs 26,680 per ten grams, respectively.

The yellow metal had clocked this year's biggest single-day rise of Rs 840 to close at Rs 27,040 per 10 grams in Tuesday's trade.

Sovereign, however, held steady at Rs 23,700 per piece of eight grams in limited deals.

In line with gold, silver ready also fell by Rs 100 to Rs 36,900 per kg and weekly-based delivery by Rs 270 to Rs 36,070 per kg.

On the other hand, silver coins continued their upward journey and rose by another Rs 1,000 to to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on wedding season demand.