Gold gives up Rs 100, but silver covers up
New Delhi, May 1 (PTI): Gold prices came down by Rs 100 to Rs 29,450 per 10 grams on Monday, in the process halting the three days of gains, mainly due to a weak trend overseas and easing demand from local jewellers.
Silver, however, recovered by Rs 175 to Rs 40,400 per kg, backed by increased offtake by industrial units and coin makers. Traders said sluggishness in the overseas market and demand drop at the domestic spot market pushed gold prices down. Globally, gold fell by 0.41 per cent to USD 1,262.50 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 29,450 and Rs 29,300 per 10 grams, respectively. The precious metal had gained Rs 200 in the previous three days.
Sovereign, however, remained steady at Rs 24,400 per piece of eight grams. On the other hand, silver ready rebounded by Rs 175 to Rs 40,400 per kg while weekly-based delivery ruled flat at Rs 39,505 per kg. Silver coins spurted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.