Commodities

Gold sheds Rs 30, silver gains Rs 80

PTI New Delhi | Updated on January 06, 2011 Published on December 24, 2010

Gold fell by Rs 30 to Rs 20,960 per 10 grams in the national capital on Friday, extending its losing streak for the fourth straight day amid restricted buying at higher levels and a firming trend in the rest of Asia.

However, silver prices recovered by Rs 80 to Rs 44,900 a kg on the back of fresh support from industrial units.

Market analysts said the trading sentiment for gold remained bearish, as retail customers were averse to making purchases of the precious metal at high levels.

They said firming cues in the Asian region _ which normally sets the price trend on the domestic front _ failed to boost gold prices. Gold rose by 0.4 per cent to $ 1,385.95 an ounce in Seoul today.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 30 each to Rs 20,690 and Rs 20,570 per 10 grams, respectively. The precious metal had lost Rs 100 in the past three trading sessions.

Sovereign prices continued to hover at the previous level of Rs 16,750 per piece of eight grams in limited deals.

On the other hand, silver ready recovered by Rs 80 to Rs 44,900 a kg and weekly—based delivery by Rs 95 to Rs 44,415 a kg on increased offtake by industrial units.

Silver coins also gained Rs 100 to Rs 49,400 for buying and Rs 49,500 for selling of 100 pieces. - PTI

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Published on December 24, 2010
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