Gold falls for 3rd day, sheds Rs. 100, silver recovers | business | Hindustan Times
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Gold falls for 3rd day, sheds Rs. 100, silver recovers

Gold prices fell for the third day in a row by losing Rs 100 to Rs 30,100 per 10 grams in the bullion market in New Delhi on Saturday on reduced offtake, while silver gained Rs 300 to Rs 53,300 per kg on some fag-end buying.

business Updated: Aug 04, 2012 15:44 IST

Gold prices fell for the third day in a row by losing Rs 100 to Rs 30,100 per 10 grams in the bullion market in New Delhi on Saturday on reduced offtake, while silver gained Rs 300 to Rs 53,300 per kg on some fag-end buying.

Silver coins shot up by Rs 2,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces following an upsurge in the festive season demand.

Traders said sluggish demand at prevailing higher levels kept pressure on gold prices, while silver recovered on fresh buying by jewellers and coin makers to meet the festive season demand amid higher global trend.

In New York last night, silver surged 2.47% to US$ 27.80 an ounce.

Back home, gold of 99.9% and 99.5% purity fell for the third day in a row and shed another Rs 100 each to Rs 30,100 and Rs 29,900 per 10 grams, respectively.

The metal lost Rs 320 in last two sessions.

Sovereign also declined by Rs 50 to Rs 24,400 per piece of eight grams.

On the other hand, silver ready recovered by Rs 300 to Rs 53,300 per kg and weekly-based delivery by Rs 280 to Rs 53,280 per kg.

The white metal had lost Rs 1,000 in the previous two trading sessions.

Silver coins also spurted by Rs 2000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces following upsurge in demand due to festive season.