Gold up by Rs 25 on strong demand; silver down by Rs 800

New Delhi, Mar 3: Bucking the weakening trend in global markets, gold on Saturday extended gains for the second straight session by gaining Rs 25 to Rs 28,265 per 10 grams on pick-up in spot demand ahead of the marriage season.

However, silver fell by Rs 800 to Rs 58,500 per kg on reduced offtake by industrial units amid a weak trend in global markets. Traders said pick-up in local demand for the marriage season mainly helped gold to extend gains, even as the metal quoted lower in overseas markets.

However, reduced offtake by industrial units at prevailing higher levels and weak trend in overseas market mainly kept pressure on the silver prices, they said. In New York, gold fell by USD 6.70 to USD 1,711 an ounce and silver lost 2.20 per cent to USD 34.73 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added another Rs 25 each to Rs 28,265 and Rs 28,125 per 10 grams, respectively, while sovereigns held steady at at Rs 23,500 per piece of eight grams.

On the other hand, silver ready dropped by Rs 800 to Rs 58,500 per kg and weekly-based delivery by Rs 790 to Rs 59,750 per kg. However, silver coins continued to be asked around previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

PTI