Gold continues to slide on weak global cues, silver recovers

Divergent trend developed on the bullion market today as gold fell for a third day by Rs 30 to Rs 20,370 per 10 grams on sustained selling influenced by weak global trend, while silver recovered Rs 150 to Rs 43,000 per kg on buying by industrial units.
   
Traders said sustained selling by stockists in tandem with weakening global trend mainly influenced gold prices to trade in negative zone.
    
Some low level buying by industrial units helped a recovery in silver prices, they said.
    
On the domestic front, gold of 99.99 and 99.5 per cent purity lost Rs 30 each to Rs 20,370 and Rs 20,250 per 10 grams, respectively. Sovereign followed suit and traded lower by Rs 50 to Rs 16,800 per piece of eight grams.
    
On the other hand, silver ready recovered by Rs 150 to Rs 43,000 per kg and weekly-based delivery by Rs 255 to Rs 42,700 per kg.
    
Silver coins lacked necessary follow up support and declined by Rs 100 to Rs 48,400 for buying and Rs 48,500 for selling of 100 pieces.