Gold sheds Rs 5 on scant demand; silver up by Rs 50

Gold prices eased by Rs 5 to Rs 18,520 per 10 grams in the bullion market today on sluggish demand, but silver gained Rs 50 to Rs 29,450 per kg as industrial units and retailers replenished their stocks ahead of the festive season.

Marketmen said scarce demand for gold at existing higher levels was mainly responsible for the fall in prices.

However, brisk buying ahead of the festival season helped silver trade higher, they said.

Gold of 99.9 per cent and 99.5 per cent purity lost Rs 5 each to Rs 18,520 and Rs 18,420 per ten grams respectively, while the price of sovereigns declined by Rs 25 to Rs 14,675 per piece of eight grams. 

Silver-ready gained Rs 50 to Rs 29,450 per kg on fresh buying support, but weekly-based silver delivery lacked shed Rs 5 to Rs 29,130 per kg on scant demand.

Meanwhile, silver coins continued to be traded at the previous level of Rs 34,200 for buying and Rs 34,300 for selling of 100 pieces.