Gold slipped by Rs. 40 to Rs. 25,800 per ten grams at the bullion market on Thursday, tracking a weak trend overseas amid sluggish demand from jewellers at prevailing levels.
However, silver recovered by Rs. 100 to 34,300 per kg on increased off-take by industrial units and coin- makers.
Overnight losses in global market
Bullion traders said overnight losses in gold in global market ahead of next week’s meeting of the Federal Reserve which will probably hike interest rates for the first time since 2006, damping the allure of the metal which does not pay interest, mainly kept pressure on the precious metal here.
Besides, fall in demand from jewellers at the domestic physical markets too influenced gold prices, they said.
Globally, gold fell 0.20 per cent to $1,072.50 an ounce in New York on Wednesday, while it was trading 0.12 per cent higher at $1,073.80 an ounce in London on Thursday.
In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs. 40 each to Rs. 25,800 and Rs. 25,650 per ten grams, respectively. It had gained Rs. 65 on Wednesday.
Sovereign, however, continued to be traded at previous level of Rs. 22,200 per piece of eight grams.
On the other hand, silver ready recovered by Rs. 100 to Rs. 34,300 per kg, while silver weekly-based delivery shed Rs. 10 at Rs. 34,350 per kg.
Silver coins stay steady
Meanwhile, silver coins remained steady at Rs. 48,000 for buying and Rs. 49,000 for selling of 100 pieces.
