Gold price falls for 3rd straight day, ends at Rs 28,910 per 10 grams

Zee Media Bureau

New Delhi: Falling for the third consecutive day, gold prices declined further by Rs 60 to Rs 28,910 per 10 grams at the bullion market Tuesday on subdued demand from jewellers even as the precious metal strengthened overseas.

Silver, however, recovered by Rs 150 to Rs 37,250 per kg on increased offtake by industrial units and coin makers.

Marketmen said muted demand from jewellers and retailers at prevailing levels mainly kept pressure on gold prices.

However, gold rallied by Rs 190 to Rs 29,402 per 10 grams in futures trading today as speculators widened positions, tracking a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in April was trading higher by Rs 184, or 0.64 percent, to Rs 29,150 per 10 grams.

Globally, gold also climbed USD 12.10, or 1 percent, to USD 1,220.40 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity fell further by Rs 60 each to Rs 28,910 and Rs 28,760, respectively. The precious metals had lost Rs 320 in the last two days.

Sovereign, however, held steady at Rs 22,900 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 150 to Rs 37,250 per kg and weekly-based delivery edged up by Rs 45 to Rs 37,160 per kg.

Meanwhile, silver coins continued to be traded at the previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.