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Gold slips on reduced offtake, silver gains

The precious metal declined Rs 30 per 10 grams to Rs 20,370, while silver gained Rs 200 per kg due to fall in demand at existing high levels and sustained buying.

twitter-logoPTI | February 1, 2011 | Updated 17:44 IST

Gold declined by Rs 30 to Rs 20,370 per 10 grams in the national capital on Tuesday due to reduced offtake at existing high levels, while silver gained Rs 200 to Rs 43,800 per kg on sustained buying support by industrial units.

Traders said reduced offtake by stockists on fall in demand at existing higher levels mainly led to decline in gold prices even as metal traded higher in global markets.

On the other hand, silver prices advanced further on sustained buying by industrial units and coin makers, they said.

Gold of 99.99 and 99.5 per cent purity declined by Rs 30 each to Rs 20,370 and Rs 20,250 per 10 grams, respectively.

Sovereign continued to be asked around previous level of Rs 16,750 per piece of eight grams.

The silver ready rose further by Rs 200 to Rs 43,800 per kg and weekly-based delivery by Rs 150 to Rs 43,490 per kg. The metal had gained Rs 300 in the previous session. Silver coins followed suit and gained Rs 200 to Rs 48,500 for buying and Rs 48,600 for selling of 100 pieces.

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