ET:Gold down by 110 on poor demand; silver recovers by Rs 500
NEW DELHI: Gold today fell for the third straight day by losing Rs 110 to Rs 27,910 per 10 grams on sluggish demand. However, silver recovered by Rs 500 to Rs 52,000 per kg on fresh buying by industrial units.
Traders said sluggish domestic demand at existing higher levels amid weakening global trend mainly kept pressure on gold prices.
In New York last night, gold fell by USD 5.60 to USD 1,611 an ounce.
They said fresh buying in silver by industrial users and coin makers to meet the ensuing marriage season demand helped silver prices to recover.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 110 each to Rs 27,910 and Rs 27,770 per 10 grams, respectively. The metal had lost Rs 245 in last two trading sessions. Sovereigns continued to be asked around previous level of Rs 23,300 per piece of eight grams.
On the other hand, silver ready recovered by Rs 500 to Rs 52,000 per kg and weekly-based delivery by Rs 385 to Rs 52,035 per kg. Silver coins followed suit and spurted by Rs 1,000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.
