Gold prices down at Rs. 30,250; silver recovers to Rs. 40,500

Mumbai-India (Nov 3)  Gold prices slid Rs. 30 to Rs. 30,250 per 10 grams today as equities found more traction with investors seeking higher returns. Global cues were negative and demand from local jewellers was hard to come by.

But silver staged a comeback by jumping Rs. 600 to Rs. 40,500 per kg led by industrial units and coin makers.

Tepid demand from local jewellers and retailers at the domestic spot market was a drag on gold prices, analysts said.

Diversion of funds towards attractive equity markets, which soared to a record high, worked against the yellow metal, marketmen said.

Globally, gold fell 0.08 per cent to $1,274.50 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs. 30 each to Rs. 30,250 and Rs. 30,100 per 10 grams, respectively. It had edged up Rs. 5 yesterday. Sovereign, however, was steady at Rs. 24,700 per piece of eight grams.

On the other hand, silver ready shot up Rs. 600 to Rs. 40,500 per kg, while weekly-based delivery declined by Rs. 80 to Rs. 39,625 per kg. Silver coins, however, continued to be traded at the previous level of Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine