BackGold, silver fall on profit-selling, global cues
Gold of 99.9 and 99.5% purity declined by Rs50 each to Rs30,750 and Rs30,550 per ten gram, respectively
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New Delhi: After two days of gains, gold prices dropped by Rs50 to Rs30,750 per ten gram in Delhi on Wednesday on emergence of profit-selling by stockists at existing higher levels amid weak global trend.
Silver too fell by Rs190 to Rs44,940 per kg on lack of buying support from industrial units and coin makers.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5% purity slipped by Rs60 each to Rs30,540 and Rs30,390 per ten gram respectively, while silver lost Rs200 at Rs45,600 per kg.
Traders said besides profit-selling by stockists at higher levels, a weak global trend dampened physical demand and led to decline in prices of precious metals.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.6% to $1,284.15 an ounce and silver lost 0.3% to $20.16 an ounce. In addition, investors shifting their funds from bullion to rising equities for quick gains also reduced the precious metals demand to some extent, they said.
On the domestic front, gold of 99.9 and 99.5% purity declined by Rs50 each to Rs30,750 and Rs30,550 per ten gram, respectively. It had gained Rs600 in last two trading sessions. However, sovereign found selective buying by retailers and rose by Rs50 to Rs25,350 per piece of eight gram.
Silver ready dropped by Rs190 to Rs44,940 per kg and weekly-based delivery by Rs240 to Rs44,640 per kg. It had gained Rs510 in the previous two sessions.
On the other hand, silver coins maintained steady trend at Rs86,000 for buying and Rs87,000 for selling of 100 pieces.
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