Gold slips from record high on fall in demand

Snapping a six-session long rising streak, gold fell from record on Saturday by losing Rs. 70 to Rs. 30,500 per 10 grams in the national capital on reduced offtake at prevailing higher levels.

Snapping a six-session long rising streak, gold fell from record on Saturday by losing Rs. 70 to Rs. 30,500 per 10 grams in the national capital on reduced offtake at prevailing higher levels.

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However, silver recovered by Rs.270 to Rs. 55,000 per kg on fresh buying by industrial units and coins makers.

Traders said fall in demand at existing higher levels mainly pull down gold prices, which had climbed to all time high of Rs. 30,570 per 10 grams in the previous session.

They said fresh buying by industrial units mainly helped silver prices to recover from recent falls.

On the domestic front, gold of 99.9 and 99.5% purity slipped by Rs.70 to Rs.30,500 and Rs.30,300 per 10 grams, respectively. The metal had gained Rs.1,070 in last six days. Sovereigns held steady at Rs.24,400 per piece of eight grams in restricted buying.

On the other hand, silver ready recovered by Rs.270 to Rs. 55,000 per kg, while weekly-based delivery fell further by Rs. 670 to Rs. 54,530 per kg on lack of speculator's support.

Meanwhile, silver coins remained flat at Rs.65,000 for buying and Rs.66,000 for selling of 100 pieces.