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Gold up Rs 20 on global cues, silver falls

Analysts said a firming trend in Asian regions, which normally sets prices on the domestic front, further influenced the trading sentiment.

twitter-logoPTI | December 27, 2010 | Updated 16:55 IST

Gold rose Rs 20 to Rs 20,720 per 10 grams in the national capital on Monday on fresh buying by retailers amid firm Asian trends, while silver fell Rs 50 to Rs 44,850 per kg on reduced industrial offtake.

Market analysts said trading sentiment for gold turned bullish, as retail customers increased their holdings for the ongoing marriage season.

Analysts said a firming trend in Asian regions, which normally sets prices on the domestic front, further influenced the trading sentiment. Gold gained 0.3 per cent to $1,385.95 an ounce in Seoul.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity rose Rs 20, each, to Rs 20,720 and Rs 20,600 per 10 grams, respectively. Sovereign held steady at Rs 16,750 per piece of eight grams in limited deals.

On the other hand, silver-ready declined by Rs 50 to Rs 44,850 per kg and weekly-based delivery Rs 20 to Rs 44,400 per kg on speculator's support.

Silver coins also lacked necessary buying support and traded lower by Rs 100 to Rs 49,300 for buying and Rs 49,400 for selling of 100 pieces.

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