Gold declines on sluggish demand; silver up on global cues
New Delhi: The bullion market witnessed a mixed trend in the national capital Monday as gold prices fell by Rs 70 to Rs 31,030 per ten grams on sluggish demand, while silver gained Rs 450 to Rs 58,450 per kg on increased industrial buying amid strong global cues.
Gold of 99.9 and 99.5 percent purity declined by Rs 70 each to Rs 31,030 and Rs 30,830 per ten grams respectively, while sovereigns held steady at Rs 25,400 per piece of eight gram.
Traders said sluggish demand at prevailing higher levels amid off marriage season mainly led to decline in gold prices.
Silver climbed in Singapore by 1.1 percent to USD 30.79 an ounce. Experts said increased buying by industrial units and a firm global trend helped keep silver prices firm.
However, silver ready found fresh buying support from industrial units amid a firm global trend and rose by Rs 450 to Rs 58,450 per kg and weekly-based delivery by Rs 265 to Rs 58,450 per kg.
Silver coins continued to be asked around previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces in restricted buying at higher levels.