Gold remains weak on sustained selling; silver recovers

Source : PTI
Last Updated: Sat, Mar 09, 2013 11:48 hrs
A saleswoman arranges gold jewellery inside a showroom in Kolkata

Gold prices fell further by Rs 30 to a fresh low of about two weeks at Rs 29,820 per 10 gram in the national capital today on sustained selling by stockists, amid sluggish demand.

However, silver recovered by Rs 90 at Rs 55,050 per kg on some buying by industrial units.

Traders said sustained selling by stockists in the face of sluggish demand mainly kept pressure on gold prices for the second day.

They said, however, some buying by industrial units helped silver prices recover some of the lost ground in the previous session.

In the national capital, gold of 99.9 and 99.5 per cent purity remained under selling pressure and shed another Rs 30 each at Rs 29,820 and Rs 29,620 per 10 grams respectively. It had lost Rs 200 yesterday. Sovereign held steady at Rs 25,250 per piece of eight gram in limited deals.

On the other hand, silver ready recovered by Rs 90 at Rs 55,050 per kg, and weekly-based delivery by Rs 270 to Rs 54,835 per kg. The white metal had declined by Rs 360 in the previous session.

Silver coins continued to be asked at the last level of Rs 80,000 for buying, and Rs 81,000 for selling, per 100 pieces.

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