Gold down by Rs 100 on sustained selling, weak global cues

Last Updated: Fri, Feb 15, 2013 10:31 hrs

Gold prices fell by Rs 100 to Rs 30,625 per 10 grams here on Friday due to sustained selling by stockists on sluggish demand amid a weakening global trend.

However, silver recovered by Rs 100 to Rs 57,000 per kg on some low-level buying. The precious metal had lost Rs 1,000 yesterday.

Traders said sentiment in gold remained weak as stockists remained sellers on sluggish demand along with a weakening global trend.

In Singapore, gold fell 0.3 per cent to USD 1,630.60 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,625 and Rs 30,425 per 10 grams, respectively. The metal had lost Rs 75 yesterday. Sovereigns followed suit and lost Rs 50 at Rs 25,250 per piece of eight grams.

On the other hand, silver ready recovered by Rs 100 to Rs 57,100 per kg and weekly-based delivery by Rs 270 to Rs 57,585 per kg.

Meanwhile, silver coins dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces on poor demand at prevailing higher levels.

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