Gold weakens on sluggish demand; silver strengthens

Mumbai-India (Mar 16)  Gold prices declined by Rs. 70 to Rs. 26,350 per 10 grams at the bullion market today owing to slackened demand from jewellers even as the precious metal strengthened overseas.

Silver, however, rose further by Rs. 50 to Rs. 36,050 per kg on sustained buying by industrial units.

Bullion merchants said subdued demand from jewellers and retailers at prevailing levels mainly led to the decline in gold prices.

Globally, gold traded 0.3 per cent higher at USD 1,162.30 an ounce and silver gained 0.6 per cent at USD 15.74 an ounce in Singapore.

Sovereign, however, continued to trade at last level of Rs. 23,600 per piece of eight grams.

Silver coins remained flat at Rs. 56,000 for buying and Rs. 57,000 for selling of 100 pieces.

Source: TheHIndu