Gold gains Rs 20 on lower level buying, silver sheds Rs 1,000

Gold bar
New Delhi, July 29: Snapping a three-session losing streak, gold recovered by Rs 20 to Rs 23,470 per ten grams in the national capital today (Jul 29), supported by fresh buying for the forthcoming festival season and a better trend in New York.

However, silver remained under pressure and lost Rs 1,000 to Rs 58,000 per kg due to slackened demand. Traders attributed today's rise in gold prices to fresh buying by local parties for the forthcoming festivals.

In addition, a better trend in New York, where gold rose by 3.10 dollar to 1,617.20 dollar an ounce, also supported the recovery in gold prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 20 each to Rs 23,470 and Rs 23,350 per ten grams, respectively. The metal has lost Rs 170 in the last three trading sessions. Sovereigns remained steady at Rs 18,900 per piece of eight grams.

Silver ready continued to face selling pressure from stockists at prevailing levels and fell further by Rs 1,000 to Rs 58,000 per kg and weekly-based delivery by Rs 1,045 to Rs 58,320 per kg. Silver coins remained steady at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.


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