Gold price falls on profit-selling, global cues

Gold

Snapping a two-day gaining streak, gold and silver fell in the national capital today on emergence of selling by stockists at prevailing higher levels, amid a weak global trend.

While gold fell by Rs 180 to Rs 30,150 per ten grams, silver lost Rs 335 at Rs 55,265 per kg on reduced offtake by jewellers and industrial units.

Traders said emergence of selling by stockists at prevailing higher levels amid a weak global trend mainly led the fall in both gold and silver prices.

Gold in global markets, which normally set price trend on the domestic front, declined by USD 3.20 to USD 1593.10 an ounce and silver shed 0.24 per cent at USD 28.91 an ounce in London.

In addition, sluggish domestic demand also dampened the sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 180 each to Rs 30,150 and Rs 29,950 per ten grams, respectively. It had gained Rs 430 in last two

sessions.

Sovereign continued to be asked around previous level of Rs 25,300 per piece of eight gram in limited deals.

In line with a general weak trend, silver ready dropped by Rs 335 to Rs 55,265 per kg and weekly-based delivery by Rs 165 to Rs 54,000 per kg. The white metal had gained Rs 1,850 in the previous two trading sessions.

However, silver coins held steady at Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.

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