Gold Loses 75 on Sluggish Demand, Global Cues


New Delhi: Gold priced declined by 75 to 30,425 per 10 grams in the bullion market due to sluggish demand at prevailing higher levels amid a weak trend in the overseas market. Price of silver remained flat at 55,000 per kg. Traders said weak cues from the global markets mainly influenced the gold's prices. Sentiment remained bearish as the metal dropped in global markets after projections showed that Greece's pro-bailout parties have won enough seats to control the parliament, curbing demand for the metal as a safe haven. Gold in Singapore lost 1.3 per cent to $1,606.72 an ounce, the lowest since June 13. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by 75 each to 30,425 and 30,225 per 10 grams, respectively. It had lost Rs 70 on Saturday. Sovereigns held steady at 24,400 per piece of eight grams. On the other hand, silver remained unchanged at 55,000 per kg, while weekly-based delivery declined by Rs 165 to 54,365 per kg. Silver coins fell by 1,000 to 64,000 for buying and 65,000 for selling of 100 pieces.
Source: PTI