Gold prices fall on sluggish demand

Last Updated: Fri, Mar 04, 2011 10:25 hrs

New Delhi: Silver continued its winning streak for the second straight day and rose by Rs 150 to a new record level of Rs 51,600 per kg on Friday on sustained buying, triggered by firm trends overseas. Gold, however, fell further by Rs 175 to Rs 21,045 per 10 grams on sluggish spot demand.

Gold rates

In global markets, while silver traded 0.88 per cent up to $34.53 an ounce, the highest level in 31 years, gold in New York fell sharply last night. It lost $20.40 to $1,415.30 an ounce.

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On the domestic front, silver ready rose by Rs 150 to Rs 51,600 per kg, while silver weekly-based delivery declined by Rs 95 to Rs 51,645 per kg on lack of speculators' support.

Silver coins surged Rs 300 to Rs 55,800 for buying and Rs 56,300 for selling of 100 pieces on account of the rising demand for the ongoing marriage season.

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On the other hand, gold of 99.9 and 99.5 per cent purity remained under selling pressure at existing higher levels and dropped by Rs 175 each to Rs 21,045 and Rs 20,925 per 10 grams, respectively.

Sovereign strengthened further by Rs 30 to Rs 17,300 per piece of eight grams on sustained buying support.

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