Both the precious metals, gold and silver, fell here today on sustained selling by stockists due to sluggish demand. While gold lost Rs 60 to Rs 29,930 per 10 grams, silver declined by Rs 15 to Rs 54,750 per kg. Traders said sustained selling by stockists on sluggish demand due to off-marriage and festival season mainly kept pressure on the precious metals.
In line with a general weak trend, silver ready declined further by Rs 15 to Rs 54,750 per kg and weekly-based delivery by Rs 70 to Rs 54,420 per kg. On the other hand, silver coins maintained steady trend at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces in restricted buying activity.
Copper futures prices today fell 0.28 per cent to Rs 426.50 per kg, as speculators trimmed their positions amid a weak trend in the global markets. Besides, rising stockpiles of metal monitored by the London Metal Exchange (LME) also put pressure. At the Multi Commodity Exchange, copper for delivery in April declined by Rs 1.20, or 0.29 per cent, to Rs 426.50 per kg in business turnover of 1,454 lots.
The metal for delivery in June fell by a similar margin to Rs 432.20 per kg in a business volume of 84 lots. Oil prices rose on Friday ahead of the release of US industrial production and manufacturing figures that analysts expect to show an improving economy. At the Multi Commodity Exchange, aluminium for delivery in March declined by 20 paise, or 0.19 per cent, to Rs 105.85 per kg in business turnover of 389 lots.
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