Gold continues to slide on weak global cues, silver recovers

Divergent trend developed on the bullion market today as gold fell for a third day by Rs30 to Rs20,370 per 10 grams on sustained selling influenced by weak global trend, while silver recovered Rs150 to Rs43,000 per kg on buying by industrial units.

Traders said sustained selling by stockists in tandem with weakening global trend mainly influenced gold prices to trade in negative zone.

Some low level buying by industrial units helped a recovery in silver prices, they said.

On the domestic front, gold of 99.99 and 99.5% purity lost Rs30 each to Rs20,370 and Rs20,250 per 10 grams, respectively. Sovereign followed suit and traded lower by Rs50 to Rs16,800 per piece of eight grams.

On the other hand, silver ready recovered by Rs150 to Rs43,000 per kg and weekly-based delivery by Rs255 to Rs42,700 per kg.

Silver coins lacked necessary follow up support and declined by Rs100 to Rs48,400 for buying and Rs48,500 for selling of 100 pieces.