Gold loses Rs 140; silver gains Rs 175

Gold prices declined by Rs 140 to Rs 30,060 per 10 grams in the bullion market in New Delhi on Tuesday on sluggish demand, while gained Rs 175 to Rs 53,300 per kg on buying by industrial units.

Traders said reduced offtake by retail customers on sluggish demand at prevailing higher levels kept pressure on gold prices, while silver rose on fresh buying by industrial units and coin makers amid a firming global trend.

In London, silver gained 1.6 per cent to $27.94

an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 140 each to Rs 30,060 and Rs 29,860 per 10 grams, respectively.

Sovereign held steady at Rs 24,450 per piece of eight grams.

On the other hand, silver ready rose by Rs 175 to Rs 53,300 per kg and weekly-based delivery spurted by Rs 1,450 to Rs 53,600 per kg on speculative buying support.

Silver coins also jumped up by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.