Gold gain Rs 30 on local buying; silver fall by Rs 600
New Delhi: Gold on Saturday gained Rs 30 to Rs 31,430 per 10 grams on retail buying, while silver fell sharply by Rs 600 to Rs 60,600 on sluggish industrial demand and a weak global trend.
Marketmen said silver remained under pressure on fall in demand from industrial units and coin makers following ending of current marriage season today.
They said gold gained marginally as previous day's losses made the precious metal cheaper attracting retail customers.
A weak global trend had a mixed impact on the markets as traders awaited some positive outcome from the US fed meeting on stimulus package to boost economy, they added.
Gold in overseas markets, which normally sets the price trend on the domestic front, was little changed and hovered around a psychological USD 1,700 an ounce.
On the domestic front, the gold of 99.9 and 99.5 percent purity added Rs 30 to Rs 31,430 and Rs 31,230 per 10 grams, respectively. The metal had lost Rs 10 yesterday.
Sovereigns held steady at Rs 25,500 per piece of eight grams.
On the other hand, silver ready dropped by Rs 600 to Rs 60,600 per kg and weekly-based delivery by Rs 470 to Rs 61,320 per kg. Silver coins plunged by Rs 2,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.