Gold declines by Rs 25, silver by Rs 600 on global cues

NEW DELHI: Gold lost further ground and moved down by Rs 25 to Rs 23,450 per 10 grams, while silver slipped by Rs 600 to Rs 59,000 per kg in the national capital today on subdued demand amid weak global cues.

Traders said subdued local demand at prevailing high levels and weak trend in New York, where the yellow metal declined by USD 5.80 to USD 1,614.10 an ounce and silver shed 1.64 per cent to USD 40.24, led to the decline in precious metals' prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity remained weak and shed another Rs 25 each to Rs 23,450 and Rs 23,330 per 10 grams, respectively.

Sovereigns followed suit and lost Rs 50 to Rs 18,900 per piece of eight grams.

Similarly, silver ready fell further by Rs 600 to Rs 59,000 per kg and silver weekly-based delivery lost Rs 785 to Rs 59,365 per kg.

However, silver coins remained flat at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.