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Gold remains weak on subdued demand, silver recovers

Gold remains weak on subdued demand, silver recovers
PTI
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First Published: Sat, Jul 04 2009. 04 42 PM IST
Updated: Sat, Jul 04 2009. 04 42 PM IST
New Delhi: Gold prices on Saturday lost another Rs40 to close at Rs14,650 per ten gram in the bullion market here on sustained selling by stockists against restricted buying due to off marriage and festival season.
However, silver found buying support at lower levels recovered by Rs50 to Rs21,750 per kg. The white metal had lost Rs400 in previous day’s trading.
Marketmen said subdued demand due to off marriage and festival seasons mainly led to fall in gold prices.
They said a volatile trading in overseas markets, which normally set price trend in domestic markets here, further fuelled the down-trend.
Standard gold and ornaments fell by Rs40 each to Rs14,650 and Rs14,500 per ten gram respectively while sovereign remained flat at Rs12,300 per piece of eight gram in restricted activity.
On the other hand, silver ready attracted some level buying from stockists and industrial units and recovered by Rs50 to Rs21,750 per kg and weekly-based delivery by Rs20 to Rs21,600 per kg.
However, silver coins continued to be asked around previous levels of Rs28,800 for buying and Rs28,900 for selling of 100 pieces.
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First Published: Sat, Jul 04 2009. 04 42 PM IST
More Topics: Gold | Silver | Bullion | Commodity | India |