MCX Gold lost Rs 220 and silver Rs 400 on weak global cues– 14/01/2012

     Gold and silver today weak on reduced off take at existing higher levels amid a weakening global trend. While gold lost Rs 220 to Rs 27,840 per 10 grams, silver lost Rs 400 to Rs 52,400 per kg on reduced off take by jewelers and industrial units. The trading sentiment for gold turned bearish after it declined from a month's high in global markets, as signs that Europe's debt crisis eased demand for haven assets. In Singapore, gold fell 0.9 per cent to USD 1,635.05 an ounce. The metal had touched USD 1,662.20 yesterday, the highest since December 13. In addition, fall in domestic demand at prevailing higher levels also dampened the trading sentiment. 

           On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 220 each to Rs 27,840 and Rs 27,700 per 10 grams, respectively, while sovereigns remained steady at Rs 23,300 per piece of eight grams in scattered deals. Silver ready dropped by Rs 400 to Rs 52,400 per kg and weekly-based delivery by Rs 375 to Rs 52,415 per kg. However, silver coins held steady at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

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