Gold Slips Rs 150; Silver Up Rs 100

New Delhi: Gold prices slipped below Rs79,000 per 10 kg in the national capital on Wednesday due to poor offtake by stockists and retailers amid weak global trends, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity fell by Rs150 to Rs78,850 per 10 grams. It had closed at Rs79,000 per 10 grams in the previous session. Price of gold of 99.5 per cent purity extended the losses for the third straight day, declining by Rs150 to Rs78,450 per 10 grams from the previous close of Rs78,600 per 10 grams.

However, silver rose Rs100 to Rs92,500 per kg. On Tuesday, the white metal had settled at Rs92,400 per kg. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery fell Rs93 or 0.12 per cent to trade at Rs76,810 per 10 grams. Silver contracts for March delivery declined Rs322 or 0.35 per cent to Rs91,875 per kg on the bourse. Comex gold futures in the Asian market hours edged lower by $4.90 per ounce or 0.18 per cent to $2,663 per ounce. “Gold held steady on Wednesday as traders continued to assess the recent political developments and monetary outlook while awaiting key US economic data releases in the week ahead,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.