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Gold, silver fall on weak global cues

Silver fell further for the second straight session on Monday and fell by Rs 100 to Rs 53,200 per kg due to sustained selling by stockists in tandem with a weakening global trend.

twitter-logoPTI | May 23, 2011 | Updated 15:54 IST

Silver fell further for the second straight session on Monday and fell by Rs 100 to Rs 53,200 per kg due to sustained selling by stockists in tandem with a weakening global trend. Gold also fell by Rs 90 to Rs 22,580 per 10 grams on sluggish demand at existing high levels.

Trading sentiments turned bearish after gold declined in global markets as Europe's sovereign-debt crisis escalated, triggering a sell off in commodities, including oil and base metals, including precious metals.

Besides, low demand at existing high levels further dampened the trading sentiments.

In global markets, gold fell by 0.3 per cent to $1,507.98 an ounce and silver by 1 per cent to $34.73 an ounce.

On the domestic front, silver ready fell by Rs 100 to Rs 53,200 per kg. It had lost Rs 900 in the last trading session.

Silver weekly-based lost Rs 550 to Rs 53,050 per kg. Silver coins followed suit and tumbled by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent purity declined by Rs 90 each to Rs 22,580 and Rs 22,460 per 10 grams. The metal had gained Rs 300 in the previous session.

Sovereigns also came under selling pressure and shed Rs 50 to Rs 18,550 per piece of eight grams.

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