Divergent trends were witnessed on the bullion market today as gold price fell further by Rs 280 to Rs 30,400 per ten grams on sustained selling, while silver surged by Rs 1,080 to Rs 45,080 per kg on increased offtake by industrial units.
Traders said sustained selling by stockists against sluggish demand mainly kept pressure on gold prices while increased offtake by industrial units and coin makers led an upsurge in silver prices.
In the Delhi, gold price of 99.9 and 99.5 per cent fell further by Rs 280 each to Rs 30,400 and Rs 30,200 per ten grams, respectively. It had lost Rs 250 yesterday. Sovereign also shed Rs 50 to Rs 25,150 per piece of eight gram.
On the other hand, silver ready spurted by Rs 1,080 to Rs 45,080 per kg and weekly-based delivery by Rs 1,140 to 45,580 per kg. The white metal had lost Rs 400 in last trade.
Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.