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Gold falls to 22,820 on global cues, silver slips by 350

Monday, May 30, 2011
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New Delhi: Gold declined by Rs 45 to Rs 22,820, while silver shed Rs 350 to Rs 57,250 per kg today due to a weakening global trend amid sluggish local demand. Traders said sentiments turned weak after both the precious metals recorded fresh losses in the global markets along with lack of buying interest at prevailing high levels in the local markets. Gold in global markets, which normally sets a price trend on the domestic front, eased by USD 1.40 to USD 1,535.10 an ounce, while silver shed 0.21 per cent to Rs USD 37.88 an ounce. On the domestic front, silver ready fell by Rs 350 to Rs 57,250 per kg and weekly-based delivery declined by Rs 335 to Rs 57,250 per kg. Silver coins followed suit and declined by Rs 1,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces. In line with a general weakening trend, the gold of 99.9 and 99.5 per cent purity declined by Rs 45 each to Rs 22,820 and Rs 22,700 per 10 grams, respectively. However, sovereigns remained steady at Rs 18,700 per piece of eight grams.
Source: PTI
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