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Gold, silver fall flat on sluggish demand

Gold fell further by Rs 40 to Rs 20,720 per 10 grams in continuation to a combined loss of Rs 60 in last two sessions, while silver fell by Rs 130 to Rs 44,820 per kg.

twitter-logoPTI | December 23, 2010 | Updated 16:29 IST

Gold and silver prices continued their losing streak for the third-straight day in the national capital on Thursday, due to sluggish demand at prevailing higher levels, despite firm trends in global markets.

Gold fell further by Rs 40 to Rs 20,720 per 10 grams in continuation to a combined loss of Rs 60 in last two sessions, while silver fell by Rs 130 to Rs 44,820 per kg, after a decline of Rs 350 in the last two days.

Market analysts said trading sentiment were so weak that a firm trend in the Asian region, which set prices on the domestic front, failed to boost the precious metals' prices.

Gold rose 0.2 per cent to $1,388.52 an ounce in Seoul.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 40 each to Rs 20,720 and Rs 20,600 per 10 grams, respectively. Sovereign followed suit and lost Rs 50 to Rs 16,750 per piece of eight gram.

In line with a general weakening trend, silver ready remained under selling pressure and lost another Rs 130 to Rs 44,820 per kg and weekly-based delivery traded lower by the same margin to Rs 44,320 per kg.

Silver coins also declined Rs 100 to Rs 49,300 for buying and Rs 49,400 for selling of 100 pieces.

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