The prices of gold down for the second consecutive day by loss of Rs 140 to Rs 30,360 per ten grams in Delhi today on sustained selling in the midst of weakening global trend.
Silver is also fell by Rs 800 to Rs 44,200 per kg on poor extraction of the industrial units and coin makers.
Similarly, at Mumbai as gold 99.9 and 99.5 per cent purity fell by Rs 70 and Rs 75 to Rs 30,080 and Rs 29,925 per ten grams, respectively, while silver fell by Rs 850 to Rs 44,900 per kg on sustained stockists selling.
Traders said there sustained selling by stockists aligned with a weak global trend, where gold fell on expectations that the stimulus being exceeded further as the U.S. Fed decides on monetary policy, especially dampened sentiment.
Gold in Singapore, trend of prices usually set on the homefront, fell 0.6 percent to $ 1248.90 an ounce.
Furthermore, the strengthening of the rupee against the U.S. currency makes imports cheaper precious metals valued in U.S. dollars furthered influenced the sentiment, they said.
Domestically, gold of 99.9 and 99.5 percent purity were handed over Rs 140 each for Rs 30,360 and Rs 30,160 per ten grams, respectively. It had lost Rs 70 yesterday.
Sovereign, however, remained in demand and moved by a Rs 50 to Rs 25,250 per piece of eight grams.
Similarly, silver ready fell by Rs 800 further to Rs 44,200 per kg and weekly-based delivery by the same margin to Rs 44,100 per kg. The white metal had shed Rs 75 in the previous session.
Silver coins also tumbled by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Reported News Source: PTI Economic Times