Gold price slips on low demand, silver rebounds sharply

New Delhi-India (May 15)  Gold prices drifted lower by Rs.25 to Rs.30,025 per 10 grams at Delhi bullion market on Saturday as demand eased from jewellers and retailers at prevailing levels even as the metal strengthened overseas.

Bullion traders said lower demand from jewellers and retailers at existing levels led to the fall in gold prices, but a firming trend overseas capped the fall.

Globally, gold rose by 0.76% to $1,272.80 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5%purity shed Rs.25 each at Rs.30,025 and Rs.29,875 per 10 grams, respectively. It had gained Rs.200 on Friday. Sovereign, however, remained flat at Rs.23,300 per piece of eight grams.

On the other hand, silver ready rebounded by Rs.425 to Rs.40,925 per kg and weekly-based delivery by Rs.135 to Rs.41,010 per kg. Silver coins, however, remained unaltered at Rs.69,000 for buying and Rs.70,000 for selling of 100 pieces.

Source: LiveMint