Gold price falls further on sustained selling; silver recovers
New Delhi: Gold fell by Rs 30 to Rs 30,700 per ten grams here Tuesday on sustained selling by stockists against declining demand following the end of marriage season.
However, silver recovered by Rs 170 to Rs 46,100 per kg on increased offtake by industrial units.
Traders said sustained selling by stockists against falling demand on end of marriage season mainly pulled down gold prices while silver recovered on increased offtake by industrial units and coins makers.
On the domestic front, gold of 99.9 and 99.5 percent purity shed Rs 30 each to Rs 30,700 and Rs 30,500 per ten grams, respectively. It had lost Rs 330 in last two trades.
Meanwhile, sovereign found selective buying from retailers and recovered by Rs 100 to Rs 25,400 per piece of eight grams.
On the other hand, silver ready recovered by Rs 170 to Rs 46,100 per kg and weekly-based delivery by Rs 220 to Rs 45,900 per kg, after falling Rs 1,400 in last two sessions.
Silver coins held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.