Gold sheds Rs30 on lack of buying support; silver gains Rs80

Gold fell by Rs30 to Rs20,960 per 10 grams in the national capital today, extending its losing streak for the fourth straight day amid restricted buying at higher levels and a firming trend in the rest of Asia.

However, silver prices recovered by Rs80 to Rs44,900 per kg on the back of fresh support from industrial units.

Market analysts said the trading sentiment for gold remained bearish, as retail customers were averse to making purchases of the precious metal at high levels.

They said a firming cues in the Asian region - which normally sets the price trend on the domestic front - failed to boost gold prices. Gold rose by 0.4% to $1,385.95 an ounce in Seoul today.

On the domestic front, gold of 99.9% and 99.5% purity declined by Rs30 each to Rs20,690 and Rs20,570 per 10 grams, respectively. The precious metal had lost Rs100 in the past three trading sessions.

Sovereign prices continued to hover at the previous level of Rs16,750 per piece of eight grams in limited deals.

On the other hand, silver-ready recovered by Rs80 to Rs44,900 per kg and weekly-based delivery by Rs95 to Rs44,415 per kg on increased offtake by industrial units.

Silver coins also gained Rs100 to Rs49,400 for buying and Rs49,500 for selling of 100 pieces.