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Gold declined by Rs 50 to Rs 21,220 per 10 grams today on reduced offtake at existing high levels, despite firm global cues. Silver, however, surged by Rs 50 to Rs 54,250 per kg on demand from industrial units.
Market analysts said reduced offtake at existing high levels and the end of marriage season mainly kept gold prices at lower levels. Shifting of funds by investors to a strengthening stock market also affected the trading sentiments.
In the global markets, while gold rose 0.3 per cent to $1,431.48 an ounce, silver fell by 0.2 per cent to $36.04 an ounce.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 21,220 and Rs 21,100 per 10 grams, respectively. However, sovereigns continued to be enquired around the previous level of Rs 17,500 per piece of eight grams.
On the other hand, silver ready remained in demand and added another Rs 50 to Rs 54,250 per kg. Silver weekly-based delivery gained Rs 45 to Rs 53.895 per kg.
Silver coins held steady at Rs 58,900 for buying and Rs 59,400 for selling of 100 pieces.
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