Gold price declines by Rs 55; silver gains Rs 500

Gold prices declined by Rs 55 to Rs 29,665 per 10 grams in the bullion market here today due to sluggish offtake amid a weak global trend,while silver gained Rs 500 to Rs 52,800 per kg on industrial units demand.

Written by Agencies | New Delhi | Published: July 13, 2012 6:55 pm

Gold prices declined by Rs 55 to Rs 29,665 per 10 grams in the bullion market here today due to sluggish offtake amid a weak global trend,while silver gained Rs 500 to Rs 52,800 per kg on industrial units demand.

Traders said lack of demand at prevailing higher levels and weak cues from the overseas markets,where gold fell by USD 4.40 to USD 1,572.20 an ounce in New York last night,led to a decline in the prices.

Silver,on the other hand,gained on increased demand from industrial units and coin makers,they added.

On the domestic front,gold of 99.9 and 99.5 per cent purity declined by Rs 55 each to Rs 29,665 and Rs 29,465 per 10 grams,respectively.

Sovereigns found selective buying support and added Rs 100 to Rs 24,300 per piece of eight grams.

Silver advanced by Rs 500 to Rs 52,800 per kg and weekly-based delivery by Rs 485 to Rs 53,070 a kg.

Silver coins also rose by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

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