Following three days of gains, the prices of gold fell today by Rs 70 to Rs 30,500 per ten grams in Delhi on profit-selling by stockists at prevailing highest level amid a weak global trend.
Silver is also fell by 75 rupees to 45,000 rupees per kg reduction extraction of industrial units.
A similar tendency was observed in Mumbai, where the gold of 99.9 and 99.5 per cent purity lost Rs 150 each for Rs 30,150 and Rs 30,000 per ten grams, respectively, while silver lost Rs 50 to Rs 45,750 per kg.
Traders said there profit-selling by stockists midst of a struggling worldwide trend on speculation that the U.S. Fed cut stimulus, as physical demand slows in Asia before the Lunar New Year, mainly led to fall in gold.
Gold in Singapore, price trend usually are responsible nationally was reduced by a dollar to U.S. $ 1,255.50 an ounce.
Domestically, gold of 99.9 and 99.5 per cent purity fell by Rs 70 each to Rs 30,500 and Rs 30,300 per ten grams respectively. It had gained Rs 400 in the last three trading sessions.
Sovereign, however, found targeted shopping and rose up by Rs 50 to Rs 25,200 per piece of eight grams.
In line with a overall weak tendency, silver ready fell by Rs 75 to Rs 45,000 per kg and weekly-based delivery by Rs 50 to Rs 44,900 per kg.
Moreover, silver coins spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces booming demand for marriage season.
Reported News Source: Economic Times