India: Gold woes deepen hurt by low demand, silver rebounds

Mumbai-India (Feb 23)  Falling for the third consecutive day, gold prices eased further by Rs. 60 to Rs. 28,910 per 10 grams at the bullion market on Tuesday on subdued demand from jewellers even as the precious metal strengthened overseas.

Silver, however, recovered by Rs. 150 to Rs. 37,250 per kg on increased offtake by industrial units and coin makers.

Marketmen said muted demand from jewellers and retailers at prevailing levels mainly kept pressure on gold prices.

They said, however, a firm trend overseas capped the fall.

Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs. 60 each to Rs. 28,910 and Rs. 28,760, respectively. The precious metals had lost Rs. 320 in the last two days.

Sovereign, however, held steady at Rs. 22,900 per piece of eight grams.

On the other hand, silver ready rebounded by Rs. 150 to Rs. 37,250 per kg and weekly-based delivery edged up by Rs. 45 to Rs. 37,160 per kg.

Meanwhile, silver coins continued to be traded at the previous level of Rs. 54,000 for buying and Rs. 55,000 for selling of 100 pieces.

Source: TheHindu