Gold fell by Rs. 30 to Rs. 20,960 per 10 grams in the national capital on Friday, extending its losing streak for the fourth straight day amid restricted buying at higher levels and a firming trend in the rest of Asia.

However, silver prices recovered by Rs. 80 to Rs. 44,900 per kg on the back of fresh support from industrial units.

Market analysts said the trading sentiment for gold remained bearish, as retail customers were averse to making purchases of the precious metal at high levels.

They said a firming cues in the Asian region — which normally sets the price trend on the domestic front —failed to boost gold prices. Gold rose by 0.4 per cent to $1,385.95 an ounce in Seoul on Friday.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity declined by Rs. 30 each to Rs. 20,690 and Rs. 20,570 per 10 grams, respectively. The precious metal had lost Rs. 100 in the past three trading sessions.

Sovereign prices continued to hover at the previous level of Rs. 16,750 per piece of eight grams in limited deals.

On the other hand, silver-ready recovered by Rs. 80 to Rs. 44,900 per kg and weekly-based delivery by Rs. 95 to Rs. 44,415 per kg on increased offtake by industrial units.

Silver coins also gained Rs. 100 to Rs. 49,400 for buying and Rs. 49,500 for selling of 100 pieces.


Behind the new gold rushDecember 28, 2010

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