Gold down by Rs 50 on sluggish demand; silver up by Rs 150 | business | Hindustan Times
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Gold down by Rs 50 on sluggish demand; silver up by Rs 150

Gold today extended losses for the second straight session and lost another Rs 50 to Rs 27,990 per 10 grams, due to sluggish demand at prevailing higher levels amid a weakening global trend.

business Updated: Dec 23, 2011 15:23 IST

Gold on Friday extended losses for the second straight session and lost another Rs 50 to Rs 27,990 per 10 grams, due to sluggish demand at prevailing higher levels amid a weakening global trend.

However, silver found scattered buying support from industrial units and recovered by Rs 150 to Rs 52,650 per kg.

Traders said besides subdued domestic demand at existing higher levels, reports of a weakening global trend pushed down gold prices further. Gold fell by $ 9.60 to $ 1,605.40 an ounce in New York on Thursday night.

On the other hand, scattered buying by industrial units led to recovery in silver prices, they said.

In the local market here, gold of 99.9 and 99.5 per cent purity fell further by Rs 50 each to Rs 27,990 and Rs 27,850 per 10 grams, respectively. It had lost Rs 250 on Thursday.

Sovereigns continued to be enquired at previous level of Rs 23,300 per piece of eight grams in restricted buying.

On the other hand, silver ready recovered by Rs 150 to Rs 52,650 per kg and weekly-based delivery by Rs 210 to Rs 53,250 per kg, while silver coins remained stable at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.