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Gold slides by Rs.150, silver maintains rising streak

PTI | New Delhi |

Gold prices fell by Rs.150 to Rs.29,600 per 10 grams at the bullion market on Thursday, snapping its four-day rising streak due to a slowdown in buying by local jewellers even as the metal strengthened in overseas market.

However, silver advanced by Rs.450 to Rs.42,650 per kg backed by increased offtake by industrial units and coin makers.

Traders said fall in demand from local jewellers as well as retailers at the domestic spot market led to decline in gold prices, but a firm trend overseas capped the fall.

Globally, gold rose 0.41 per cent to $1,214.50 an ounce in Singapore as the weakness in dollar raised demand for the precious metal as a safe-haven.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs.150 each to Rs.29,600 and Rs.29,450 per 10 grams respectively. It had gained Rs.600 in the previous four days.

Sovereign, however, remained flat at Rs.24,400 per piece of eight grams.

On the other hand, silver ready rose further by Rs.450 to Rs.42,650 per kg and weekly-based delivery recaptured the 42,000-mark by rising Rs.395 to Rs.42,265 per kg.

Meanwhile, silver coins continued to be traded at previous level of Rs.72,000 for buying and Rs.73,000 for selling of 100 pieces.