Gold, silver snap four-day rally; fall on profit-selling

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Gold, silver snap four-day rally; fall on profit-selling (Reuters) Gold, silver snap four-day rally; fall on profit-selling (Reuters)
SummarySnapping a four-day rally, gold and silver prices declined in the national capital.

Snapping a four-day rally, gold and silver prices declined in the national capital on emergence of profit-selling by stockists at existing higher levels amid a weak global trend.

While gold fell by Rs 100 to Rs 31,350 per 10 grams and silver by 455 to Rs 47,445 per kg on reduced off take as recent upsurge advised stockists to book profits.

Traders said profit-selling by stockists and reduced off take by retail customers at higher levels mainly kept pressure on gold and silver prices.

They said a weakening global trend where gold retreated from the highest level in more than three months on expectations that the Federal Reserve will continue slowing stimulus in the US and the metal's advance may deter physical purchases, also dampened the sentiment.

Gold in Singapore, which normally set price trend on the domestic front, dropped by 0.9 per cent to USD 1,316.39 an ounce and silver by one per cent to USD 21.47 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 100 each to Rs 31,350 and Rs 31,150 per 10 grams respectively. It had gained Rs 700 in last four days.

Sovereigns lost Rs 100 at Rs 25,500 per piece of eight grams.

In a similar fashion, silver ready dropped by Rs 455 to Rs 47,445 per kg and weekly-based delivery by Rs 905 to Rs 47,295 per kg. The white metal had recorded a hefty rise of Rs 2,960 in the previous four sessions.

On the other hand, silver coins held steady at Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.

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