Gold remains weak on sluggish demand from jewellers

New Delhi: Continuing its slide for the second straight day, gold prices fell by Rs 60 to Rs 25,550 per ten grams at the bullion market today, largely dragged down by fall in demand from jewellers as well as retailers, even as the metal strengthened overseas.

However, silver firmed up by Rs 200 to Rs 34,300 per kg on increased offtake by industrial units and coin makers.

Marketmen said tepid demand from jewellers and retailers following end of wedding season mainly kept pressure on gold prices but a better trend overseas as a drop in the dollar boosted appeal of the metal, capped the losses.

Globally, gold rose 0.3 per cent to USD 1,074.12 an ounce in Singapore today, while it lost 0.2 per cent to USD 1,070.20 an ounce in New York yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 60 to Rs 25,550 and Rs 25,400 per ten grams respectively. It plunged by Rs 140 yesterday.

Sovereign, however, held steady at Rs 22,200 per piece of eight grams.

On the other hand, silver ready rose by Rs 200 to Rs 34,300 per kg and weekly-based delivery by a similar margin to Rs 34,380 per kg.

Meanwhile, silver coins remained steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.