Gold Falls by Rs 150 on Global Cues, Subdued Demand

New Delhi: Gold prices drifted by Rs 150 to Rs 25,550 per 10 grams at the bullion market on Wednesday following a weak trend overseas coupled with slackened demand from jewellers at prevailing levels.

Silver followed suit and shed Rs 50 at Rs 34,150 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said that besides a weak global trend, a fall in demand from jewellers and retailers at existing levels mainly kept pressure on the precious metals prices here.

Globally, gold traded a shade lower at $1,069 an ounce in Singapore, while in London, the precious metal was down 0.13 per cent at 1,067.40 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs 150 each to Rs 25,550 and Rs 25,400 per 10 grams, respectively. It had climbed Rs 175 on Tuesday.

Sovereign, however, held steady at Rs 22,200 per piece of 8 grams in limited deals.

Tracking gold, silver ready also declined by Rs 50 to Rs 34,150 per kg and weekly-based delivery by Rs 90 to Rs 33,575 per kg.

On the other hand, silver coins continued to be asked at previous level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces on lack of worthwhile activity.