Gold, silver slide on weak global cues

Mumbai: In a holiday-shortened week, gold saw a fall in its prices at the bullion market backed by weak global cues amid muted demand from local jewellers and retailers.

Silver followed suit and ended lower owing to reduced offtake by industrial units and coin makers.

Markets remained closed on Wednesday as traders shut shops to protest against the city-wide sealing drive.

The strike was called by the Confederation of All India Traders (CAIT) and the All Delhi Traders and Workers Association. Market also remained shut on Thursday for "Mahavir Jayanti".

Traders said besides bearish trend overseas, easing demand from local jewellers as well as retailers at domestic spot market, mainly weighed on gold prices.

Globally, gold ended the week lower at USD 1,325 an ounce and silver at USD 16.35 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week on a subdued note at Rs 31,800 and Rs 31,650 per ten grams, respectively on lack of buying support.

Later, it bounced back to Rs 31,950 and Rs 31,800 before ending at Rs 31,350 and Rs 31,200 per ten grams, respectively, showing a fall of Rs 485 each.

Sovereign, however, moved in a narrow range in scattered deals and settled at the last level of Rs 24,800 per piece of eight grams.

In volatile movements on alternate bouts of buying and selling, silver ready ended the week lower by Rs 400 to Rs 39,200 per kg and weekly-based delivery by Rs 575 to Rs 38,320 per kg.

Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in limited deals.