Gold prices fall by Rs 50 to 3-week low; silver recovers

Continuing its sliding trend for the fourth day in a row, gold today fell by another Rs 50 to trade at three-week low of Rs 27,275 per 10 grams at the bullion market here owing to slackened demand from jewellers and retailers amid a weak global trend.

However, silver recovered by Rs 210 to Rs 38,750 per kg on fresh buying support from industrial units.

Traders attributed persistent fall in gold prices to easing demand from jewellers and retailers.

Weak global trends also impacted prices, they said.

Globally, gold traded a shade lower at $1,187.80 an ounce in New York on Friday.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 27,275 and Rs 27,125 per 10 grams respectively, the weakest level since May 8.

The precious metal had lost Rs 150 in the previous three sessions.

Sovereign, however, remained flat at Rs 23,700 per piece of eight gram on lack of buying support.

On the other hand, silver ready recovered by Rs 210 to Rs 38,750 per kg and weekly-based delivery by Rs 80 to Rs 38,375 per kg.

Silver coins remained unchanged at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces in scattered deals.