Gold prices retreated by Rs. 150 in the national capital on Thursday due to a lack of buying support at higher levels, but silver continued its meteoric rise by gaining Rs. 50 to Rs. 32,450 per kg.
Gold of 99.5 per cent and 99.5 per cent purity fell by Rs. 150 each to Rs. 19,350 and Rs. 19,250 per ten grams, respectively. The metal had climbed to all-time high of Rs. 19,500 yesterday. Sovereigns held steady at Rs. 15,200 per piece of eight grams in restricted buying.
Jewellers said the fall in gold prices was caused by a dearth of demand at the record price achieved in the previous session. Furthermore, a 0.2 per cent decline in gold prices to USD 1,265.80 an ounce in overseas markets, which normally sets the price trend on the domestic front, dampened buyer sentiment, they said.
In sharp contrast, silver remained in demand for the fourth straight day on brisk buying by jewellery fabricators and industrial units for the festival season and marriage season beginning next month.
A rise in silver prices in futures trade and global markets further fuelled the uptrend. Demand for silver was also driven by record auto sales in the month of August, as the metal is used in electrical circuit and battery manufacturing.
Silver ready advanced further by Rs. 50 to Rs. 32,450 per kg, but weekly-based delivery declined by Rs. 15 to Rs. 32,025 per kg on reduced offtake by speculatoRs.. Silver coins were also being traded lower by Rs. 100 at Rs. 35,000 for buying and Rs. 35,100 for selling of 100 pieces.
