Gold fell by Rs 50 to Rs 22,300 per 10 grams today amid a weakening global trend, while silver remained in demand and advanced by Rs 300 to Rs 54,050 per kg on sustained buying by stockists and speculators.
Traders said reduced offtake by stockists on fall in demand at existing high levels amid a weakening global trend mainly led to decline in the yellow metal's prices. Gold in global markets, which normally sets a price trend on the domestic front, fell by $5.60 to $1,491.30 an ounce.
On the domestic front, gold of 99.9 and 99.5 % purity fell by Rs 50 each to Rs 22,300 and Rs 22,180 per 10 grams, respectively. Sovereigns remained steady at Rs 18,500 per piece of eight grams on restricted buying. On the other hand, silver ready rose further by Rs 300 to Rs 54,050 per kg and weekly-based delivery gained Rs 400 to Rs 53,550 per kg. Silver coins also advanced by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.