Continuing its losing streak for the third straight day, gold prices slipped below the Rs 27,000-mark by falling Rs 50 to trade at over two-week low of Rs 26,950 per at the bullion market today, tracking a weakening global trend amid slackened demand from jewellers.
However, silver recovered by Rs 100 to Rs 36,950 per kg on scattered buying by industrial units and coin makers at prevailing levels.
Bullion traders attributed the fall in gold prices to a weakening global trend amid speculation that months of impasse will end as Greece and its creditors reach an aid deal, reducing demand for the precious metal as a safe-haven and low demand from jewellers.
Gold in New York, which normally sets the price trend on the domestic front, fell 1.20 percent to USD 1,185.90 an ounce in yesterday’s trade.
Besides, shifting of funds towards surging equity market also influenced the sentiment to some extent, they said.
In the national capital, gold of 99.9 percent and 99.5 percent purity shed Rs 50 each to Rs 26,950 and Rs 26,800 per 10 grams, respectively, weakest level since June 6. The precious metal had lost Rs 200 in last two days.
Sovereign, however, remained stable at Rs 23,300 per piece of eight grams on lack of buying support.
On the other hand, silver ready recovered by Rs 100 to Rs 36,950 per kg and weekly-based delivery by Rs 105 to Rs 36,660 per kg.
On the other hand, silver coins of 100 pieces continued to be asked at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.