Gold declines marginally, silver gains Rs 200

New Delhi, Jul 4: Gold prices fell marginally by Rs 10 to Rs 30,050 per 10 grams in the bullion market here today on subdued demand amid weak global cues, while silver gained Rs 200 to Rs 53,500 per kg on increased offtake.

Traders said sluggish demand at existing higher levels and a weak trend in overseas markets led to the fall in gold, while increased offtake by industrial units and coin makers helped silver prices strengthen.

Gold in London fell by 0.3 per cent to USD 1,612.45 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity remained weak for the second day in a row and shed Rs 10 each to Rs 30,050 and Rs 29,850 per 10 grams, respectively.

It had lost Rs 140 yesterday. However, sovereigns remained steady at Rs 24,450 piece of eight grams in scattered deals. Silver ready rose by Rs 200 to Rs 53,500 per kg and weekly-based delivery by Rs 195 to Rs 53,795 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