Gold price up by Rs 20, silver sheds Rs 300

Agencies : New Delhi, Fri Jul 20 2012, 17:48 hrs

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A divergent trend was seen in the bullion market on Friday as gold gained Rs 20 to Rs 29,650 per 10 grams on firm global cues, while silver lost Rs 300 to Rs 52,250 per kg on poor demand.

Silver coins also declined by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Traders said gold price rose on buying by retailers for the coming wedding season amid a firm trend in overseas market. In London, gold gained 0.2 per cent to USD 1,585.10 an ounce.

They added price of silver fell due to reduced offtake by industrial units and coin makers.

Back home, gold of 99.9 and 99.5 per cent purity recovered by Rs 20 each to Rs 29,650 and Rs 29,450 per 10 grams, respectively. The metal lost Rs 140 in last two sessions.

Sovereign remained steady at Rs 24,350 per piece of eight grams.

Silver ready fell by Rs 300 to Rs 52,250 per kg and weekly-based delivery by Rs 275 to Rs 52,665 per kg.

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