Gold sheds Rs 50 after record high, silver adds Rs 1,600

Gold prices today fell from record high of Rs 24,330 to Rs 24,280 per 10 grams, showing a loss of Rs 50, in the national capital, on reduced offtake at existing high levels. However, silver rallied by Rs 1,600 to Rs 61,700 per kg on fresh buying amid firm global cues.

Traders said reduced offtake by stockists at existing high levels led to decline in the yellow metal's prices.

On the other hand, silver gained on sustained buying by industrial units amid firming trend overseas where the white metal added 0.8% to $42.02 an ounce, they added.

On the domestic front, gold of 99.9 and 99.5% purity, which had climbed to an-all time high of Rs 24,330 and Rs 24,210, respectively yesterday, met with resistance.

Gold of 99.9 and 99.5% purity slipped by Rs 50 each to Rs 24,280 and Rs 24,160 per 10 gram, respectively.

Sovereigns remained steady at Rs 19,300 per piece of eight grams.

However, silver ready spurted further by Rs 1,600 to Rs 61,700 per kg and weekly-based delivery gained Rs 980 to Rs 61,730 per kg.

Silver coins added Rs 500 to Rs 66,500 for buying and Rs 67,500 for selling of 100 pieces.