Gold, silver down on subdued demand

Last Updated: Sat, Feb 02, 2013 11:29 hrs

Both the precious metals, gold and silver, extended losses for the second straight day here today, owing to slackened demand at prevailing higher levels.

While gold declined further by Rs 20 to Rs 30,800 per 10 grams in continuation to a loss of Rs 225 yesterday, silver fell by Rs 50 to Rs 58,700 per kg. The white metal had lost Rs 230 in the previous session.

Traders said sluggish demand at prevailing higher levels mainly kept pressure on both gold and silver prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 20 to Rs 30,800 and Rs 30,600 per 10 grams, respectively, while sovereigns held steady at Rs 25,300 per piece of eight grams.

Silver ready also shed another Rs 50 to Rs 58,700 per kg but weekly-based delivery recovered by Rs 540 to Rs 58,420 per kg on speculative buying.

Silver coins spurted by Rs 2,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

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