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| Gold falls from record level, silver climbs to a year's high |
| Press Trust of India / New Delhi Sep 03, 2010, 16:29 IST |
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.jpg "Gold prices") Gold prices fell from record high levels, losing Rs 105 to trade at Rs 19,300 per ten grams in the national capital today on lack of support, while silver climbed to a year's high of Rs 31,150 per kg on industrial demand.
Trading sentiment was mixed as gold declined on falling demand at existing higher levels, while silver surged to its highest level on sustained buying by industrial units and coin makers.
Before the yesterday's closure of markets for 'Janmashtmi' festival, the gold had set a record high level of Rs 19,405 per ten gram, a level never seen before.
The buying activity in gold almost dried up at such high levels, even as metal prices in international markets, which set trend on the domestic front here, failed to influence the trading sentiment.
The gold in global markets rose to nearly a two- month high on speculation that an economic slowdown will increase demand for the precious metal as a protection of wealth.
Gold of 99.5 and 99.5 per cent purity fell by Rs 105 each to Rs 19,300 and Rs 19,200 per ten grams respectively. However, sovereign continued to trade at previous level of Rs 15,000 per piece of eight grams in limited deals.
On the other hand, silver ready maintained upward march and crossed the crucial Rs 31,000 level by adding to Rs 200 to Rs 31,150 per kg on increased offtake. Silver weekly-based delivery also rose by Rs 100 to Rs 31,020 per kg.
Silver coins advanced by Rs 100 to Rs 35,000 for buying and Rs 35,100 for selling of 100 pieces on increased buying for the coming festival and marriage season.
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