Gold, silver declines on weak global trend

Both gold and silver fell in the bullion market here today on reduced offtake by traders at existing higher levels amid weak global trend.

Gold fell by Rs 115 to Rs 20,705 per ten gram, while silver lost Rs 350 to Rs 43,900 per kg.

Traders said reduced offtake by stockists and retailers at existing higher levels amid weakening global trend mainly led to a fall in both gold and silver prices.  

The yellow metal in global markets, which normally sets the price trend on the domestic front here, traded lower by $1.20 to $1,385.80 an ounce.

On the domestic front, the gold of 99.9 per cent purity and 99.5 per cent purity fell by Rs 115 each to Rs 20,705 and Rs 20,585 per ten gram, respectively, while sovereign continued to trade at previous level of Rs 16,750 a piece of eight gram.

In similar fashion, silver ready dropped by Rs 350 to Rs 43,900 per kg and weekly-based delivery by Rs 450 to Rs 43,400 per kg.

Silver coins also quoted lower at Rs 48,900 for buying and Rs 49,000 for selling of 100 pieces against the last close of Rs 49,000/49,500.