Gold declines by Rs 180; silver gains Rs 225
A divergent trend was seen in the bullion market here Monday as gold fell by Rs 180 to Rs 30,270 per 10 grams, while silver gained Rs 225 to Rs 53,200 per kg.
New Delhi: A divergent trend was seen in the bullion market here Monday as gold fell by Rs 180 to Rs 30,270 per 10 grams, while silver gained Rs 225 to Rs 53,200 per kg.
Traders said gold declined on stockists selling, driven by a weak global trend where a stronger dollar curbed the demand for the metal as an alternative investment.
Silver, on the other hand, gained on buying by industrial units, they added.
In London, gold fell by 0.2 percent to USD 1,569.78 an ounce and silver shed by 0.7 percent to USD 26.735 an ounce.
Besides fall in demand at existing high higher levels kept pressure on the precious metal's prices.
On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 180 each to Rs 30,270 and Rs 30,070 per 10 grams, respectively.
Sovereign remained steady at Rs 24,450 per piece of eight grams.
Silver ready recovered by Rs 225 to Rs 53,200 per kg, while weekly-based delivery dropped by Rs 1,365 to Rs 52,435 per kg.
Silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces in thin trade.