Gold remains weak on low demand; silver recovers
NEW DELHI: Gold prices fell further by Rs 75 to Rs 27,025 per ten gram at bullion market here today on subdued demand even as the metal strengthened overseas.
Silver, however, found fresh buying support from industrial units and coin manufacturers and rebounded by Rs 400 to Rs 36,600 per kg.
Marketmen said sluggish demand from jewellers and retailers mainly kept pressure on gold prices. The metal had lost Rs 100 per ten gram yesterday.
Globally, gold in Singapore, which usually sets price trend on the domestic front, rose 0.6 per cent to USD 1,188.46 an ounce amid concern that growth may be slowing from China to Europe even as the US recovers, spurring demand for a protection of wealth.
In Delhi, gold of 99.9 and 99.5 per cent purity fell further by Rs 75 each to Rs 27,025 and Rs 26,825 per ten gram respectively.
Sovereign, however, continued to be asked at last level of Rs 23,700 per piece of eight gram.
On the other hand, silver ready rebounded by Rs 400 to Rs 36,600 per kg and weekly-based delivery by Rs 300 to Rs 36,470 per kg after the white metal rose 1.6 per cent to USD 15.91 an ounce overseas.
Silver coins also spurted by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.