Slipping from a 28-month high, gold prices fell by Rs 150 to
Rs 30,900 per 10 grams in the bullion market on Thursday, with demand from
jewellers softening, even as the metal rose overseas.
However, silver weekly-based delivery continued to climb as
speculators mounted fresh bets on hopes of a further rise in its prices.
Traders said the fall in gold demand from jewellers at the
existing higher levels mainly contributed to the decline.
They said, however, a firming trend overseas capped the
losses as investors looking for asset haven following market instability in the
wake of UK's vote to leave the European Union lapped up gold.
Globally, gold traded higher by 0.3 per cent to $1,367.45 an
ounce in Singapore. The prices have gone up by 29 per cent in 2016 so far.
Silver, too, inched up 0.02 per cent to $20.06 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per
cent purity fell Rs 150 each to Rs 30,900 and Rs 30,750 per 10 grams
respectively. It had risen by Rs 400 in Wednesday's trade.
Sovereign, however, saw scattered buying from retailers and
traded higher by Rs 100 at Rs 23,500 per piece of 8 grams.
On the other hand, silver weekly-based delivery spurted by
Rs 1,325 to Rs 47,840 per kg, but silver ready saw some pressure and plunged by
Rs 1,300 to Rs 46,100 due to reduced offtake by consuming industries.
Silver coins surged by Rs 3,000 to Rs 77,000 for buying and
Rs 78,000 for selling of 100 pieces.
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