Gold, silver slide on sluggish demand, weak global cues

New Delhi, Jun 17. Both the precious metals, gold and silver, today declined due slackened demand amid a weak global trend. While gold declined by Rs 50 to Rs 28,250 per 10 gm, silver by Rs 250 to Rs 44,350 per kg on reduced offtake in the national capital. Traders said sluggish demand due to off-marriage season and a weak trend global trend before the US Fed meeting mainly led to decline in precious metals. Gold in London, which normally set price trend on the domestic front, fell by 0.3 per cent, to USD 1,386.54 an ounce and silver by 0.5 per cent to USD 21.97 an ounce. Besides, rising equity lured investors to parked their funds for quick gains also reduced the metal demand, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 28,250 and Rs 28,050 per 10 gm, respectively. However, sovereign found scattered buying from retailers and rose by Rs 100 to Rs 24,400 per piece of eight gram. In line with a general weak trend, silver ready fell by Rs 250 to Rs 44,350 per kg and weekly-based delivery by Rs 115 to Rs 43,725 per kg. On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.