Gold prices up Rs 100; silver slides Rs 140

Gold prices Wednesday rose by Rs 100 to close at Rs 31,950 per 10 gram at the bullion market in the national capital on an uptick in retail buying by local jewellers even though bleak market trend overseas restricted the gains further.

Silver, on the other hand, dropped by Rs 140 to close at Rs 37,600 per kg due to slightly lower demand from industrial units and coin makers.

Traders said demand from local jewellers in the ongoing wedding season lifted the gold prices though the gains were capped by subdued trend overseas, while the silver prices saw a fall on slightly reduced orders from industrial units and coin makers.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 100 each to Rs 31,950 and Rs 31,800 per 10 gram, respectively.

Sovereign gold also saw a rise Wednesday by Rs 100 to Rs 24,800 per piece of 8 gram.

However, globally, gold traded lower at USD 1,235.02 an ounce in New York, while silver was slightly down at USD 14.45 an ounce.

Meanwhile, silver ready fell by Rs 140 to Rs 37,600 per kg, while weekly-based delivery was almost flat rising only Rs 26 to Rs 36,394 per kg.

Silver coins, however, moved up by Rs 100 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.