Gold remains weak on subdued demand, silver up

New Delhi, Jul 19:

prices remained weak for the second straight day by losing Rs 55 to Rs 29,630 per 10 gm in the national capital today on subdued demand at existing higher levels and a weak global trend.

However, silver found fresh buying support from industrial units and coin makers and recovered by Rs 150 to Rs 52,550 per kg. Traders said subdued demand at existing higher levels and a lower trend in New York mainly kept gold prices remained weak while silver recovered on industrial units and coin makers.

Gold in New York, which normally set price trend on the domestic front, fell by USD 8.90 to USD 1573.50 an ounce last night. On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 55 each to Rs 29,630 and Rs 29,430 per 10 gm, respectively.

It had lost Rs 85 in yesterday. Sovereign remained steady at Rs 24,350 per piece of eight gram. On the other hand, silver ready recovered by Rs 150 to Rs 52,550 per kg and weekly-based delivery by Rs 215 to Rs 52,940 per kg.

The white metal had lost Rs 100 in the previous session. Silver coins also spurted by Rs 1000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

PTI