Silver and Gold fall on sluggish demand

Mumbai-India (Apr 18)  Snapping a two-day rising trend, gold prices fell by Rs. 20 to Rs. 30,230 per ten gram in the national capital on Friday owing to slackened demand at prevailing higher levels amid weak global cues.

Silver also declined by Rs. 200 to Rs. 43,000 per kg on lack of buying support from industrial units.

Traders said besides sluggish demand at prevailing higher levels, weak global trend due to eroding of demand for the metal on signs of gains in the US economy, mainly influenced the sentiment.

Gold in New York, which normally set price trend on the domestic front, fell by 0.7 per cent to USD 1,293.90 per ounce and silver by 0.2 per cent to 19.59 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs. 20 each to Rs. 30,230 and Rs. 30,030 per ten gram respectively.

Sovereign remained flat at Rs. 25,000 per piece of eight gram.

Silver already lost Rs. 200 at Rs. 43,000 per kg while weekly-based delivery rose by Rs. 135 to Rs. 42,375 per kg. Silver coins spurted by Rs. 1,000 to Rs. 82,000 for buying and Rs. 83,000 for selling of 100 pieces.