Gold, silver losses add up on weak cues, soft demand

May 28 2016 6:02PM

NEW DELHI: Gold's downward movement continued for the second straight day as the prices fell Rs 20 to Rs 28,850 per 10 grams on Saturday, tracking a weak trend overseas amid easing demand from jewellers and retailers at the domestic spot market. Silverfollowed suit and lost another Rs 70 at Rs 39,000 per kg on lack of buying support from industrial units and coin makers.

Traders said sentiment remained bearish in line with a sluggish global trend on investors' anticipation of higher borrowing costs in the United States (US).

Globally, Gold fell by 0.55 per cent to $1,212.80 and silver by 0.58 per cent to $16.20 an ounce in New York in Friday's trade.

They said fading demand from jewellers as well as retailers at the domestic spot market queered the pitch.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined further by Rs 20 each to Rs 28,850 and Rs 28,700 per 10 grams, respectively. The precious metal had lost Rs 355 on Friday.

Sovereign also fell by Rs 200 to Rs 22,800 per piece of 8 grams.

Silver ready too moved down by Rs 70 to Rs 39,000 per kg and weekly-based delivery slumped below the 39,000-mark by falling Rs 155 to Rs 38,865 per kg.

Silver coins, however, held steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.


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