Gold prices retreated from over three-month highs by falling Rs 180 to Rs27,710 per ten grams at the bullion market on Friday on slackened demand from jewellers and retailers at prevailing levels amid a weak global trend. In addition, appreciating rupee against the dollar that made imports cheaper, weighed on the prices.
Silver also eased by Rs100 to Rs39,400 per kg on lack of buying support from industrial units. Bullion traders said besides weak global trend, easing demand from jewellers and retailers at existing levels mainly pulled down precious metal prices. Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.2 per cent to $1,218.95 an ounce. Silver fell 0.5 per cent to $17.37 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs180 each to Rs27,710 and Rs27,560 per ten gram, respectively.