Gold declines by Rs 65, silver gains Rs 100

Written by: Pti
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New Delhi, Feb 7 (PTI) A divergent trend emerged on thebullion market today as gold prices fell by Rs 65 to Rs 20,340per 10 grams largely in line with a weak global trend, whilesilver strengthened by Rs 100 to Rs 44,900 per kg on increasedbuying by industrial units.

The gold sentiment turned bearish after the preciousmetal in Asia declined on speculations of global economicrecovery, curbing demand for the precious metal as analternative investment option.

Gold in global market which normally sets the price trendon the domestic front here, fell by 0.2 per cent to USD1,346.32 an ounce.

In the national capital, gold of 99.99 and 99.5 per centpurity traded Rs 65 each lower at Rs 20,340 and Rs 20,220 per10 grams respectively, while sovereign remained steady at Rs16,800 per piece of eight grams.

On the other hand, silver ready continued to rise andgained Rs 100 more to Rs 44,900 per kg and weekly-baseddelivery by Rs 45 to Rs 44,575 per kg on the back ofindustrial demand.

Silver coin followed suit and traded higher by Rs 100 toRs 48,800 for buying and Rs 48,900 for selling of 100 pieces.

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