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Gold, Silver Fall On Reduced Off-take, Weak Global Cues

New Delhi, Dec 19: Gold fell by Rs 10 to Rs 27,830 per 10 grams, while silver shed Rs 350 to Rs 52,650 per kg in the bullion market here today on reduced offtake at
gold silver fall on reduced off take weak global...
PTI 19 Dec 2011, 20:28:35 PM IST

New Delhi, Dec 19: Gold fell by Rs 10 to Rs 27,830 per 10 grams, while silver shed Rs 350 to Rs 52,650 per kg in the bullion market here today on reduced offtake at existing higher levels amid a weakening global trend.

Silver coins followed suit and dropped by Rs 2,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

Traders said sentiment turned bearish after gold declined by one per cent to USD 1,583.57 an ounce and silver lost 3.4 per cent to USD 28.72 an ounce in Singapore, on concerns that Europe's sovereign-debt crisis may be worsening.

Reduced off-take by jewellery makers following subdued local demand at prevailing higher levels also influenced the prices, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 27,830 and Rs 27,690 per 10 grams, respectively.

Sovereigns remained steady at Rs 23,200 per piece of eight grams.

Silver ready moved down by Rs 350 to Rs 52,650 per kg and weekly-based delivery lost Rs 855 to Rs 52,845 per kg.

Silver coins also dropped by Rs 2,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

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