Gold price weakens, silver tops Rs 41,000-mark

New Delhi-India (May 20) Gold prices softened by Rs 40 to Rs 31,950 per ten grams at the bullion market on Saturday owing to slackened demand from local jewellers even as the metal strengthened overseas.

On the other hand, silver recaptured the Rs 41,000-mark by surging Rs 330 to Rs 41,200 per kg due to increased offtake by industrial units and coin makers.

Marketmen said easing demand from local jewellers and retailers at existing levels mainly put pressure on gold prices but a firm trend overseas capped the fall.

Globally, gold edged higher by 0.13 percent to USD 1,291.90 an ounce and silver by 0.06 percent to USD 16.43 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 percent and 99.5 per cent purity declined by Rs 40 each to Rs 31,950 and Rs 31,800 per ten grams, respectively. It had gained Rs 210 in Friday’s trade.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

-TheStatesman