Gold declines on weak global trend, silver up on fresh buying

Gold declines on weak global trend, silver up on fresh buying New Delhi: Gold prices eased on the bullion market Monday on weakening global trend, while silver gained on emergence of industrial units buying at lower levels.

While gold eased by Rs 5 to Rs 31,425 per 10 gm, silver prices improved by Rs 100 to Rs 60,700 per kg.

Traders said sentiment in gold turned bearish on fall in demand on ending of marriage season and a weakening trend in international markets.

They said the gold in overseas markets declined as the dollar's strength damped demand for alternative investments, countering record investor holdings.

The gold in overseas markets, which normally set prices on the domestic front here, fell 0.4 percent to USD 1,689.15 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 percent purity fell by Rs 5 each to Rs 31,425 and Rs 31,225 per 10 gm, respectively. Sovereign held steady at Rs 25,500 per piece of eight gram.

On the other hand, silver ready rose by Rs 100 to Rs 60,700 per kg and weekly-based delivery by Rs 130 to Rs 61,450 per kg on fresh buying following a steep fall of Rs 600 in the previous session.

Silver coins continued to be asked at unchanged level of Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

PTI