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Gold down by Rs50 on sluggish demand; silver up by Rs150

Gold down by Rs50 on sluggish demand; silver up by Rs150
PTI
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First Published: Fri, Dec 23 2011. 03 09 PM IST

Updated: Fri, Dec 23 2011. 03 09 PM IST
New Delhi: Gold on Friday extended losses for the second straight session and lost another Rs50 to Rs27,990 per 10 grams, due to sluggish demand at prevailing higher levels amid a weakening global trend.
However, silver found scattered buying support from industrial units and recovered by Rs150 to Rs52,650 per kg.
Traders said besides subdued domestic demand at existing higher levels, reports of a weakening global trend pushed down gold prices further. Gold fell by $9.60 to $1,605.40 an ounce in New York on Thursday night.
On the other hand, scattered buying by industrial units led to recovery in silver prices, they said.
In the local market here, gold of 99.9 and 99.5% purity fell further by Rs50 each to Rs27,990 and Rs27,850 per 10 grams, respectively. It had lost Rs250 on Thursday.
Sovereigns continued to be enquired at previous level of Rs23,300 per piece of eight grams in restricted buying.
On the other hand, silver ready recovered by Rs150 to Rs52,650 per kg and weekly-based delivery by Rs210 to Rs53,250 per kg, while silver coins remained stable at Rs59,000 for buying and Rs60,000 for selling of 100 pieces.
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First Published: Fri, Dec 23 2011. 03 09 PM IST
More Topics: Gold | Bullion | Silver | Markets | Commodity |