Gold, silver fall on sluggish demand, weak global cues

New Delhi, Nov 9. Snapping a three-day rising trend, gold prices fell by Rs 150 to Rs 31,250 per ten gram in the national capital today on stockists selling against drying up of demand on ending of festival season, amid a weak global trend. Silver declined further by Rs 200 to Rs 48,900 per kg on reduced offtake by industrial units and coin makers. Traders said stockists selling on fall in demand following ending of festivals like Diwali mainly influenced the sentiment. Weak global trend where gold dropped as payrolls in the US rose more than forecast in October and increasing speculation that the Federal Reserve may start reducing economic stimulus by the end of this year, reduced demand for precious metals as a safe haven, they said. Gold in New York, which normally set price trend on the domestic front, declined 1.8 per cent to USD 1,284.60 an ounce and silver by 1.6 per cent to USD 21.31 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 150 each to Rs 31,250 and Rs 31,050 per ten gram, respectively. It had gained Rs 300 in last three trade. Sovereign lost Rs 100 to Rs 25,100 per piece of eight gram. In line with a general weak trend, silver ready fell by Rs 200 to Rs 48,900 per kg and weekly-based by Rs 400 to Rs 48,150 per kg. The metal had lost Rs 215 yesterday. Silver coins also tumbled by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces on falling demand.