Gold down by Rs 100 on weak global cues; silver recovers

NEW DELHI: Gold prices on Monday fell by another Rs 100 to Rs 30,240 per 10 grams in the national capital on selling by stockists in tandem with a weak global trend.

On the other hand, silver rose by Rs 200 to Rs 41,900 per kg on increased industrial demand. Traders said stockists selling in line with a weak global trend as stronger dollar reduced appeal for the precious metal, led to decline in gold prices.

In Singapore, gold prices fell by as much as 0.70 per cent to $1,280.02 an ounce, the lowest level since May 2. Appreciations of the rupee against the American currency also influenced gold prices, they said.

In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 30,240 and Rs 30,040 per 10 grams, respectively. It had lost Rs 140 on Saturday. Sovereigns, however, held steady at Rs 25,100 per piece of eight grams.
On the other hand, silver ready advanced by Rs 200 to Rs 41,900 per kg, while weekly-based delivery gained Rs 100 to Rs 41,600 per kg. The white metal had gained Rs 50 in last trade.

Silver coins fell by Rs 100 to trade a Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.