Gold falls to Rs 22,385, silver up at Rs 54,500

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Gold bar
New Delhi, Jul 8: Snapping its four day rising streak, gold prices slipped by Rs 45 to Rs 22,385 per 10 grams today (Jul 8) on reduced offtake by stockists at existing high levels, amid a weakening global trend.

However, silver maintained its upward journey for the third straight day by adding Rs 350 to Rs 54,500 per kg on sustained buying by stockists on rising industrial demand. The metal had gained Rs 2,850 in the previous two trading sessions.

Traders said reduced offtake in gold at existing high levels, amid a weakening global trend mainly led to the fall in metal's prices, while silver continued to rise on industrial units demand. They said reduced offtake of gold at existing high levels further influenced the trading sentiment.

Gold in global markets, which normally sets the price trend on the domestic front, declined by 0.3 per cent to USD 1,527.15 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 45 each to Rs 22,385 and Rs 22,265 per 10 grams, respectively. The metal had gained Rs 610 in the last four trading sessions. Sovereigns held steady at Rs 18,700 per piece of eight grams.

On the other hand, silver ready strengthened further by Rs 350 to Rs 54,500 per kg and weekly-based delivery by Rs 450 to Rs 54,500 per kg. Silver coins also spurted by Rs 2,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

PTI

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