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Silver recovers, gold remains weak

New Delhi: Snapping a three-day losing streak, silver prices recovered by Rs 250 to Rs 53,350 per kg on the bullion market on Wednesday. It had lost Rs 3,100 in the last three trading sessions.

However, gold declined for the fourth straight day by losing Rs 45 to Rs 22,495 per 10 grams on lack of physical buying at higher rates amid a weakening global trend.

Market analysts said emergence of buying by stockists and industrial units at prevailing low levels mainly led to the recovery in the white metal prices.

Absence of physical buying at high rates and a weak trend overseas kept gold under pressure, they added.

Gold in global markets, which normally sets a price trend on the domestic front, fell by $1.42 to $1,522.35 an ounce in London.

On the domestic front, silver ready recovered by Rs 250 to Rs 53,350 per kg. Silver weekly-based delivery gained Rs 50 to Rs 52,890 per kg, after losing Rs 3,180 in the previous three trading sessions.

However, silver coins remained steady at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

On the other hand, the gold of 99.9 and 99.5 per cent purity slipped further by Rs 45 each to Rs 22,495 and Rs 22,375 per 10 grams.

The yellow metal lost Rs 220 during the last three trading sessions.

Sovereigns held steady at Rs 18,650 per piece of eight grams on limited deals.

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