Gold up Rs 20 on global cues, silver falls on reduced offtake | business | Hindustan Times
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Gold up Rs 20 on global cues, silver falls on reduced offtake

business Updated: Dec 27, 2010 15:46 IST

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Gold rose by Rs 20 to Rs 20,720 per 10 grams in the national capital on Monday on fresh buying by retailers amid firm Asian trends, while silver fell by Rs 50 to Rs 44,850 per kg on reduced industrial offtake.

Market analysts said trading sentiment for gold turned bullish, as retail customers increased their holdings for the ongoing marriage season.

They said a firming trend in Asian regions, which normally sets prices on the domestic front, further influenced the trading sentiment. Gold gained 0.3 per cent to USD 1,385.95 an ounce in Seoul.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity rose by by Rs 20 each to Rs 20,720 and Rs 20,600 per 10 grams, respectively. Sovereign held steady at Rs 16,750 per piece of eight grams in limited deals.

On the other hand, silver-ready declined by Rs 50 to Rs 44,850 per kg and weekly-based delivery by Rs 20 to Rs 44,400 per kg on speculator's support.

Silver coins also lacked necessary buying support and traded lower by Rs 100 to Rs 49,300 for buying and Rs 49,400 for selling of 100 pieces.

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