Gold snaps three-day rise on sluggish demand,silver strengthen

New Delhi: Snapping a three-day rise, gold prices declined by Rs 70 to Rs 27,890 per ten grams in the bullion market here on Monday on sluggish demand at prevailing high levels.

However, silver maintained upward march for the fourth straight day by gaining Rs 300 to trade at Rs 53,500 per kg on increased offtake by jewellery makers and industrial units.

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Traders said subdued demand at prevailing high levels despite firming global trend led to decline in gold prices. Silver rose on Increased offtake by industrial units and a rising trend in global markets, they added.

Silver in global markets, which normally set price trend on the domestic front, climbed 0.3 per cent to 30.62 dollar an ounce, the highest level in a week. Gold gained 0.4 per cent to 1,666.10 dollar an ounce in Singapore.

Gold and Silver rates

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 70 each to Rs 27,890 and Rs 27,750 per ten grams respectively. The metal had gained Rs 120 in last three sessions. Sovereign remained flat at Rs 23,300 per piece of eight in limited deals.

Glitter Estimator

On the other hand, silver ready maintained an upward march for the fourth day by gaining Rs 300 to Rs 53,500 per kg and weekly-based delivery by Rs 320 to Rs 53,500 per kg. It had gained Rs 1200 in the last three sessions.

Meanwhile, silver coins remained steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.