Gold slips on low demand, silver rebounds sharply

Gold prices drifted lower by Rs 25 to Rs 30,025 per 10 grammes at the bullion market today as demand eased from jewellers and retailers at prevailing levels even as the metal strengthened overseas. However, silver staged a strong comeback by rising Rs 425 to Rs 40,925 per kg on emergence of buying support from industrial users.

Bullion traders said lower demand from jewellers and retailers at existing levels led to the fall in gold prices, but a firming trend overseas capped the fall. Globally, gold rose by 0.76 per cent to USD 1,272.80 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 25 each at Rs 30,025 and Rs 29,875 per 10 grams, respectively. It had gained Rs 200 yesterday. Sovereign, however, remained flat at Rs 23,300 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 425 to Rs 40,925 per kg and weekly-based delivery by Rs 135 to Rs 41,010 per kg. Silver coins, however, remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.