Gold snaps 3-day rally on reduced offtake, down by Rs 100
After a three-day rally, gold today lost Rs 100 to Rs 28,940 per 10 grams on reduced offtake at existing higher levels amid weakening global trend.business Updated: Feb 24, 2012 16:03 IST
After a three-day rally, gold on Friday lost Rs 100 to Rs 28,940 per 10 grams on reduced offtake at existing higher levels amid weakening global trend.
However, silver spurted by Rs 900 to Rs 58,300 per kg on increased offtake by industrial units and coin makers. The trading sentiment in gold turned weak on reduced offtake by stockists and jewellers at higher levels and a weak trend in overseas markets.
They said increased demand from industrial units and coin makers helped silver to regain the crucial Rs 58,000-level.
In Singapore, gold declined 0.3% to $1,775.18 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity declined by Rs 100 each to Rs 28,940 and Rs 28,800 per 10 grams, respectively.
The metal had gained Rs 810 to Rs 29,040 in last three sessions. However, sovereigns held steady at Rs 23,500 per piece of eight gram in limited deals.
On the other hand, silver ready spurted by Rs 900 to Rs 58,300 per kg and weekly-based delivery by Rs 1,125 to Rs 58,400 per kg. Silver coins climbed by Rs 2,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.