Gold woes deepen hurt by low demand, silver rebounds

Tuesday, Feb 23, 2016,15:28 IST By Metrovaartha A A A

New Delhi | Falling for the third consecutive day, gold prices eased further by Rs 60 to Rs 28,910 per 10 grams at the bullion market today on subdued demand from jewellers even as the precious metal strengthened overseas.

Silver, however, recovered by Rs 150 to Rs 37,250 per kg on increased offtake by industrial units and coin makers.

Marketmen said muted demand from jewellers and retailers at prevailing levels mainly kept pressure on gold prices.

They said, however, a firm trend overseas capped the fall. Globally, gold climbed USD 12.10, or 1 per cent, to USD 1,220.40 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 60 each to Rs 28,910 and Rs 28,760, respectively. The precious metals had lost Rs 320 in the last two days.

Sovereign, however, held steady at Rs 22,900 per piece of eight grams.

On the other hand, silver ready rebounded by Rs 150 to Rs 37,250 per kg and weekly-based delivery edged up by Rs 45 to Rs 37,160 per kg.

Meanwhile, silver coins continued to be traded at the previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.