India gold and silver prices decline on June 22

Snapping a five-day gaining streak, gold prices declined by Rs 35 to Rs 22,810 per 10 grams in the Indian capital on Wednesday on slackness in demand at prevailing high levels amid weak global trend.

However, silver extended gains for the second consecutive day by adding Rs 250 to Rs 54,800 per kg on sustained buying by speculators and industrial units.

Trading sentiments in gold turned bearish due to fall in local demand at prevailing high levels and easy trend in the global markets. The gold in Asia shed 0.03 per cent to USD 1,546.70 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 35 each to Rs 22,810 and Rs 22,690 per 10 grams, respectively. It had gained Rs 350 during the last five sessions.

Sovereigns remained flat at Rs 18,750 per piece of eight grams in limited deals.

On the other hand, silver ready rose further by Rs 250 to Rs 54,800 per kg and weekly-based delivery added Rs 150 to Rs 54,300 per kg. The metal had gained Rs 650 Tuesday.

Silver coins held steady at Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

Source: http://my.news.yahoo.com/gold-falls-rs-22-810-5-day-rise-093100886.html

Tags: India gold prices