Gold falls to Rs 29,240, silver adds Rs 800

New Delhi, Nov 23: A divergent trend developed in the bullion market here today (Nov 23) as gold lost Rs 10 to Rs 29,240 per 10 grams on weak global cues, while silver gained Rs 800 to Rs 56,400 per kg on buying for the marriage season.

Traders said sluggish demand at prevailing higher levels amid a weakening global trend mainly led to a decline in gold prices.

Gold of 99.9 and 99.5 per cent purity shed Rs 10 each to Rs 29,240 and Rs 29,100 per 10 grams, respectively.

Sovereign remained steady at Rs 23,300 per piece of eight grams.

In London, the precious metal declined by 0.2 per cent to USD 1,697.07 an ounce.

On the other hand, fresh buying by stockists and jewellery makers for the ongoing marriage season helped silver prices to recover.

Silver ready gained Rs 800 to Rs 56,400 per kg and weekly-based delivery added Rs 805 to Rs 55,865 per kg.

Silver coins continued to be asked around previous level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

PTI