Gold rises on stockists buying; silver remains weak

A divergent trend was seen in the bullion market on Friday as gold prices rose by Rs 75 to Rs 30,200 per ten grams on stockists buying while silver fell by Rs 100 to Rs 54,200 per kg on subdued demand. Traders said the rise in gold prices was attributed to stockists buying to meet rising demand from jewellers while silver continued its slide due to reduced offtake by industrial units. In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 75 each to Rs 30,200 and Rs 30,000 per ten grams while sovereign held steady at Rs 25,300 per piece of eight gram in restricted activity. On the other hand, silver ready remained under selling pressure and fell by another Rs 100 to Rs 54,200 per kg and weekly-based delivery by Rs 315 to Rs 53,560 per kg, respectively. However, silver coins remained steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.