Gold falls from a record high by losing Rs 70, while silver recovers by Rs 270
Snapping a six-session-long rising streak, gold on Saturday on Saturday fell from record high by losing Rs 70, to Rs 30,500 per 10 grams in the national capital on reduced offtake at prevailing higher levels. However, silver recovered by Rs 270 to Rs 55,000 per kg on fresh buying by industrial units and coin 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.
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. 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 have remained flat at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.