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Gold price rises to Rs 22,270, silver remains weak

Trading sentiments improved after gold rose in global markets as weakening stocks and commodities spurred the demand for the metal as safer assets.

twitter-logoPTI | May 17, 2011 | Updated 15:39 IST

Gold gained Rs 5 to Rs 22,270 per 10 gram in the national capital on Tuesday on firm global cues , while silver prices fell further by Rs 100 to Rs 53,200 per kg on sluggish demand at prevailing high levels.

Trading sentiments improved after gold rose in global markets as weakening stocks and commodities spurred the demand for the metal as safer assets.

Gold in global markets, which normally sets a price trend on the domestic front, rose 0.4 per cent to $1,495.22 an ounce. However, sluggish demand among stockists and industrial units at prevailing high levels kept pressure on the white metal's prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose Rs 5 each to Rs 22,270 and Rs 22,150 per 10 grams, respectively. It had gained Rs 25 in the previous session.

Sovereigns held steady at Rs 18,500 per piece of eight grams. Silver ready fell further by Rs 100 to Rs 53,200 per kg. It had lost Rs 1,110 on Monday.

Silver weekly-based delivery also shed Rs 310 to Rs 52,590 per kg. Silver coins followed suit and declined by Rs 1,000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.

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