Gold rises marginally

New Delhi, July 18: Silver prices fell sharply by Rs 400 per kg on the bullion market on Friday on heavy selling by stockists against poor offtake by industrial users amid weak global trend, while gold registered marginal gain.

A down-trend in the global markets, which normally set prices here on the domestic front, further pulled down silver prices.

However, gold traded edged up on scattered trading activities and recorded a gain of Rs 5 at Rs 13,470 per 10 gram.

Marketmen said increased selling by stockists and poor offtake by industrial units mainly pulled down silver prices.

Stockists and jewellers refrained from enlarging their position at existing higher level and some investors shifting their funds to surging stock markets dampened trading sentiment to some extent, they added.

Continued rising trend in equity markets and fall in crude oil prices reduced the precious metals appeal as a hedge against fuel-led inflation. — PTI