Gold gains on seasonal demand; silver tumbles
New Delhi: Gold prices advanced further by Rs 25 to Rs 31,850 per ten gram in the national capital on Saturday on sustained buying for the wedding season demand while silver tumbled Rs 500 to Rs 47,500 per kg on lack of support.
Traders said gold remained in demand for the third straight session on sustained buying by retail customers for the ongoing marriage season.
They said after remaining stable in last two sessions, silver lacked necessary follow-up support at existing higher levels and fell sharply.
Gold of 99.9 and 99.5 per cent purity rose by Rs 25 each to Rs 31,850 and Rs 31,650 per ten gram, respectively. The metal had gained Rs 325 in last two days. Sovereign held steady at Rs 25,300 per piece of eight gram.
On the other hand, silver ready dropped by Rs 500 to Rs 47,500 per kg and weekly-based delivery by Rs 260 to Rs 46,740 per kg on reduced offtake against stockists selling. The metal remained flat at Rs 48,000 per kg in last two sessions.
Silver coins, however, held unchanged at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces in limited deals.