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Gold loses Rs 75 on sluggish demand, global cues

PTI 18 Jun 2012, 14:51:27 IST
New Delhi, Jun 18: Gold priced declined by Rs 75 to Rs 30,425 per 10 grams in the bullion market here today due to sluggish demand at prevailing higher levels amid a weak trend in the overseas market.

Price of silver remained flat at Rs 55,000 per kg. Traders said weak cues from the global markets mainly influenced the gold's prices.

Sentiment remained bearish as the metal dropped in global markets after projections showed that Greece's pro-bailout parties have won enough seats to control the parliament, curbing demand for the metal as a safe haven.

Gold in Singapore lost 1.3 per cent to USD 1,606.72 an ounce, the lowest since June 13.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 75 each to Rs 30,425 and Rs 30,225 per 10