Gold down by Rs 25 on subdued demand, silver gains Rs 550
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Extending losses for the second straight session, gold prices today declined by Rs 25 to Rs 31,005 per 10 grams on subdued demand.
However, silver rose by Rs 550 to Rs 59,000 per kg on sustained offtake by industrial units.
Traders said subdued demand at prevailing higher levels kept pressure on gold prices, while increased offtake by industrial units amid firming global trend helped silver to strengthen.
Silver in Singapore, which normally sets the price trend on the domestic front, added 0.6 per cent to USD 31.24 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 25 each to Rs 31,005 and Rs 30,805 per 10 grams, respectively. It had lost Rs 70 yesterday. Sovereigns continued to be asked at last level of Rs 25,400 per piece of eight grams.
On the other hand, silver ready advanced by Rs 550 to Rs 59,000 per kg and weekly-based delivery by Rs 665 to Rs 59,115 per kg. Silver coins spurted by Rs 1000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.