Gold prices up Rs 55 on wedding season demand, silver sheds Rs 500

Despite a weak trend in the overseas markets, gold prices rose for the third straight day by adding Rs 55 to Rs 28,465 per 10 grams in the bullion market in New Delhi on Monday on pick-up in demand, while silver shed Rs 500 to Rs 56,000 per kg on stockists selling.

Traders said sentiment in gold remained firm on pick-up in wedding season demand even as metal decline in the global markets. Silver, however, fell on stockists selling in tandem with a weakening global trend and reduced offtake by industrial units, they added.

In Singapore, silver lost 0.7 per cent to $33.66 an ounce, while gold lost 0.4 per cent to $1,731.65 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 55 each to Rs 28,465 and Rs 28,325 per 10 grams, respectively. The precious metal had gained Rs 640 in last two sessions.

Sovereigns remained flat at Rs 23,350 per piece of eight grams. Silver ready fell by Rs 500 to Rs 56,000 per kg and weekly-based delivery by Rs 600 to Rs 56,625 per kg.

Silver coins also declined by Rs 1,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.