Gold falls back on global cues; subdued demand

Gold prices drifted by Rs150 to Rs25,550 per ten grams in Delhi bullion market on Wednesday following a weak trend overseas coupled with slackened demand from jewellers at prevailing levels.

Bullion traders said besides weak global trend, 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% at 1,067.40 an ounce.

In the national capital, gold of 99.9 and 99.5% purity plunged by Rs150 each to Rs25,550 and Rs25,400 per ten grams, respectively. It had climbed Rs175 on Tuesday. Sovereign, however, held steady at Rs22,200 per piece of eight grams in limited deals.

Tracking gold, silver ready also declined by Rs50 to Rs34,150 per kg and weekly-based delivery by Rs90 to Rs33,575 per kg. On the other hand, silver coins continued to be asked at previous level of Rs48,000 for buying and Rs49,000 for selling of 100 pieces on lack of worthwhile activity.

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