Gold feels global heat, silver climbs higher

Gold prices softened by ₹80 to ₹ 29,350 per 10 grams today, mainly on account of a sluggish trend overseas.

However, silver strengthened by another ₹200 to Rs 42,200 per kg backed by increased offtake by industrial units and coin makers.

Traders attributed the slide in gold prices to a weak trend overseas, but scattered buying by local jewellers following beginning of an auspicious week of ‘Navratras’ limited the fall.

Globally, gold fell 0.14 per cent to $ 1,252.10 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 80 each to ₹ 29,350 and Rs 29,200 per 10 grams, respectively. The precious metal had gained ₹100 on Monday.

Sovereign, however, remained unaltered at ₹ 24,400 per piece of eight grams.

On the other hand, silver ready rose further by ₹ 200 to₹42,200 per kg and weekly-based delivery recaptured the 42,000—mark by surging ₹ 335 to ₹ 42,070 per kg.

Silver coins in thin trading remained unchanged at ₹71,000 for buying and ₹ 72,000 for selling of 100 pieces.

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Source:The Hindu