Silver regains on global cues; gold declines

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A divergent trend developed on the bullion market today as silver recovered on rising demand from industrial units and gold declined on reduced offtake at higher rate.

While silver rose by Rs200 to to Rs45,000 per kg, gold shed Rs10 to Rs20,640 per 10 grams in mixed pattern of trade.

Market analysts said the silver remained in demand among industrial units and coins manufacturers on expectations of more hike in its prices in coming days.

They said buying in gold was restricted at existing high levels.

Silver ready rose by Rs200 to Rs45,000 per kg and weekly-based delivery by Rs125 to Rs44,550 per kg. Its coin held steady at Rs50,500 for buying and Rs50,600 for selling of 100 pieces.

On the other hand, gold of 99.9 and 99.5% purity met with resistance at existing higher levels and traded lower by Rs10 each to Rs20,640 and Rs20,520 per kg.

However, sovereign remained stable at Rs16,950 per piece of eight grams.

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This post was submitted by Mudit Agrawal.

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