Gold falls on global cues; silver ends steady

Gold prices fell by Rs 80 to Rs 28,400 per 10 grams in New Delhi on Wednesday because of slackened demand amid a weak global trend.

On the other hand, silver ready ruled flat at Rs 44,600 per kg, while weekly-based delivery shed Rs 80 to Rs 43,780 per kg on lack of speculators' buying support.

Sentiment in gold turned bearish after it dropped to over three-week low in the global markets as investors await the conclusion of the US Federal Reserve's policy meet, traders said.

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Also, sluggish demand due to off-marriage season put further pressure on gold.

Globally, gold in Singapore, which normally sets price trend on the domestic front, traded at $1,365.22 an ounce from $1,367.65 on Tuesday.

Silver also fell 0.2 per cent to $21.63 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 28,400 and Rs 28,200 per 10 grams, respectively.

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The yellow metal had gained Rs 230 on Tuesday.

Sovereign, however, held steady at Rs 24,400 per piece of eight gram.

Meanwhile, silver coins continued to be asked around previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.