Gold loses Rs 130 on sluggish demand; silver gains Rs 60
Falling for the fourth day in a row, gold prices lost Rs 130 to Rs 31,270 per 10 grams in the bullion market here on Thursday due to sluggish demand.
New Delhi: Falling for the fourth day in a row, gold prices lost Rs 130 to Rs 31,270 per 10 grams in the bullion market here on Thursday due to sluggish demand.
Silver, on the other hand, gained marginally by Rs 60 to Rs 59,600 per kg on scattered buying.
Traders said sentiment remained bearish on poor demand at prevailing higher levels despite the ongoing marriage and festival season.
Some investors were seen shifting funds from weakening bullion to rising equities which also influenced the sentiment, they added.
Gold of 99.9 and 99.5 percent purity remained under selling and lost Rs 130 each to Rs 31,270 and Rs 31,070 per 10 grams, respectively. The metal has lost Rs 325 in the previous three trading sessions.
Sovereign remained steady at Rs 25,400 per piece of eight grams in limited deals.
On the the other hand, silver edged up by Rs 60 to Rs 59,600 per kg, while weekly-based delivery fell by Rs 200 to Rs 59,400 per kg on lack of speculator's support.
Silver coins continued to be asked around previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces in restricted buying at prevailing higher levels.