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BW Businessworld

Gold Down By Rs 125 On Selling, Global Cues

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Gold prices on Saturday, 11 May fell by Rs 125 to Rs 27,700 per 10 grams in the national capital due to sustained selling by stockists on sluggish demand amid a weak global trend.

Silver also declined by Rs 200 to Rs 45,800 per kg on reduced offtake by industrial units and coin makers.

The sentiment remained bearish on sustained selling by stockists on the back of sluggish demand amid a weak global trend as a stronger dollar curbed demand for the metal as an alternative investment.

Dollar-priced gold in New York, which normally sets the price trend on the domestic front, fell by S10.40 to $1,448.10 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 125 each to Rs 27,700 and Rs 27,500 per 10 grams, respectively. It had lost Rs 25 yesterday. Sovereigns also declined by Rs 100 to Rs 23,900 per piece of eight grams.

In line with the general weak trend, silver ready lost Rs 200 at Rs 45,800 per kg, while weekly-based delivery rose by Rs 90 to Rs 45,240 per kg on scattered speculative buying.

On the other hand, silver coins held steady at Rs 75,000 for buying and Rs 76000 for selling of 100 pieces.