Gold drops on stockists selling, weak global cues

New Delhi: Gold prices declined by Rs 60 to Rs 27,180 per ten gram in the national capital today on stockists selling, tracking a weak trend overseas.

Silver, however, held steady at Rs 40,500 per kg on restricted buying activity.

Sentiments in gold remained bearish, weighed down by a weak trend in the global markets as buying interest shifted towards surging equities and firming dollar and fall in demand from jewellers in the domestic markets, traders said.

Besides, appreciating rupee, making  imports cheaper, was another factor behind weakness in the gold, they said.

Gold in New York, which normally sets price trend on the domestic front, traded at USD 1,243.60 an ounce and silver at USD 18.80 an ounce in yesterday’s trade.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 60 each to Rs 27,180 and Rs 26,980 per ten gram respectively, while sovereign remained flat at Rs 24,400 per piece of 8 gram.

On the other hand, silver ready ruled steady at Rs 40,500 per kg while weekly-based delivery lost Rs 100 at Rs 39,800 per kg on lack of speculators’ buying support.

Silver coins remained steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

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