Gold down by Rs 15 on sluggish demand, global cues

New Delhi, Jan 28. Extending losses for the third straight session, gold prices today fell by Rs 15 to Rs 31,085 per 10 grams due to sustained selling by stockists on sluggish demand at higher levels amid a weak global trend. Silver followed suit and dropped by Rs 500 to Rs 58,400 a kg on lack of buying support from industrial units and coin makers. Traders said sustained selling by stockists following sluggish demand at prevailing higher levels amid a weak global trend mainly kept pressure on gold prices. In London, gold traded marginally lower by 0.05 per cent to USD 1658.50 an ounce and silver by 0.03 per cent to USD 31.17 an ounce. Lack of buying support from industrial units and coin manufacturers pulled silver prices further down, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 15 each to Rs 31,085 and Rs 30,885 per 10 grams, respectively. The metal had lost (rpt) lost Rs 285 in the last two sessions. Sovereigns followed suit and shed Rs 50 to Rs 25,400 per piece of eight grams. In line with a general weak trend, silver ready and weekly-based delivery both fell by Rs 500 each to Rs 58,400 per kg, respectively owing to lack of buying support. Silver coins also dropped by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.