Gold loses Rs 50 to Rs 31,700 per 10 grams

Gold loses Rs 50 to Rs 31,700 per 10 grams New Delhi: A divergent trend was seen in the bullion market here Wednesday as gold declined by Rs 50 to Rs 31,700 per 10 grams on subdued demand, while silver rose by Rs 500 to Rs 61,000 per kg on festive buying.

Traders said gold prices declined on subdued demand at prevailing higher levels amid a weak global trend as retail sales data from the euro area today may add to signs of economic weakness.

Gold fell 0.2 percent to USD 1,771.35 an ounce in Singapore.

They said some buying by industrial units and coin makers for the coming festival season mainly helped silver prices to recover.

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 50 each to Rs 31,700 and Rs 31,500 per 10 grams, respectively.

Sovereign remained steady at Rs 25,400 per piece of eight grams on limited deals.

Silver ready found scattered buying support from industrial units and recovered by Rs 500 to Rs 61,000 per kg and weekly-based delivery by Rs 70 to Rs 62,535 per kg.

Silver coins also shot up by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces on surge in demand ahead of marriage season.

PTI