Gold declines on weak global cues

deepak pace

Gold prices fell in the national capital on Saturday by Rs 25 to Rs 13,490 per 10 gram on emergence of selling by stockists in view of off marriage and festival season amid weakening trend-setter overseas markets.

Silver was up by Rs 100 at Rs 18,450 per kg.

Gold normally moves in tandem with the global trend and hardly takes much support from physical buying, said a Delhi-based dealer Rakesh Anand.

He said the metal edged lower on Friday as the dollar strengthened against the euro after a government report showed that US unemployment data eased, reducing demand for the gold as an inflation hedge.

The off marriage and festival season was another dampening factor for the gold while industrial buying in silver kept white metal prices up, he said.

Standard gold and ornaments declined by Rs 25 each at Rs 13,490 and Rs 13,340 per ten gram respectively. Sovereign held unchanged at Rs 10,725 per piece of eight gram.

Silver ready rose further by Rs 100 at Rs 18,450 per kg and weekly based delivery by Rs 30 at Rs 18,420 per kg. Silver coins continued to be asked at last levels of Rs 27,000 for buying and Rs 27,100 for selling of 100 pieces.