Sugar closes quiet, Gold continues to slide, silver recovers

Sugar prices closed on a quiet note in the national capital today following restricted buying against sufficient stocks position.

Market analysts said adequate stocks position, amid restricted buying by bulk consumers like soft drink and ice-cream makers mainly kept sugar prices unaltered.

The following were today's quotation in Rs per quintal.

Sugar ready M-30 3,000-3,125 and S-30 2,980-3,100.

Mill delivery M-30 2,775-2,925 and S-30 2,760-2,900.

Sugar mill gate prices (excluding duty): Kinonni 2,900, Asmoli 2,880, Mawana 2,840, Titabi 2,830, Thanabhavan 2,800, Budhana 2795 and Dorala 2,845.

Divergent trend developed on the bullion market on Saturday as gold fell for a third day by Rs 30 to Rs 20,370 per 10 grams on sustained selling influenced by weak global trend, while silver recovered Rs 150 to Rs 43,000 per kg on buying by industrial units.

Traders said sustained selling by stockists in tandem with weakening global trend mainly influenced gold prices to trade in negative zone.

Some low level buying by industrial units helped a recovery in silver prices, they said.

On the domestic front, gold of 99.99 and 99.5 per cent purity lost Rs 30 each to Rs 20,370 and Rs 20,250 per 10 grams, respectively. Sovereign followed suit and traded lower by Rs 50 to Rs 16,800 per piece of eight grams.

On the other hand, silver ready recovered by Rs 150 to Rs 43,000 per kg and weekly-based delivery by Rs 255 to Rs 42,700 per kg.

Silver coins lacked necessary follow up support and declined by Rs 100 to Rs 48,400 for buying and Rs 48,500 for selling of 100 pieces.