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Silver regained strength by rising Rs 800 to Rs 54,300 per kg today on brisk buying by stockists to meet the ongoing marriage season demand. However, gold remained weak for the second straight day and fell by Rs 10 to Rs 21,260 per 10 grams, due to sluggish demand on global cues.
Trading sentiment for gold remained bearish after it retreated in the Asian region as oil fell from a 29-month high, helping to ease concerns over rising inflation and slackened demand for the metal as an alternative investment.
In the Asian markets, gold fell 0.4 per cent to $1,422.95 an ounce.
At the domestic front, silver ready surged by Rs 800 to Rs 54,300 per kg and weekly-based delivery by Rs 670 to Rs 53,870 per kg. Silver coins followed suit and moved up by Rs 300 to Rs 58,300 for buying and Rs 58,800 for selling of 100 pieces.
On the other hand, gold of 99.9 and 99.5 per cent purity remained weak and shed another Rs 10 each to Rs 21,260 and Rs 21,140 per 10 grams, respectively. Sovereign continued to be asked around the previous levels of Rs 17,500 per piece of eight grams.
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