Gold, silver lose lustre on global cues, muted demand

New Delhi: Snapping its two days of gains, gold prices fell Rs 150 to Rs 27,150 per 10 grams in the bullion market on Friday, tracking a weak global trend amid easing demand from jewellers at prevailing levels.

Silver also declined Rs 160 to Rs 37,240 per kg on reduced offtake by industrial units and coin makers.

Traders said a weak global trend where gold slumped from a three-month high amid a drop in demand from jewellers and retailers at existing levels mainly put pressure on the precious metal prices.

Globally, gold in Singapore, which normally determines domestic price trend, fell 0.6 percent to USD 1,176.16 an ounce and silver shed 0.6 percent to USD 16.03 an ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity dropped Rs 150 each to Rs 27,150 and Rs 27,000 per 10 grams, respectively. It had gained Rs 500 in the last two sessions.

In line with the overall trend, the sovereign also retreated by Rs 100 to Rs 22,400 per piece of eight grams.

Silver ready declined Rs 160 to Rs 37,240 per kg and weekly-based delivery by Rs 200 to Rs 37,350 per kg.

Silver coins too traded lower by Rs 500 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.