Gold, silver fall on profit-selling, weak global cues

PTI Posted online: Tuesday, Jan 28, 2014 at 0000 hrs
New Delhi : After three days of gains, gold prices today fell by Rs 70 to Rs 30,500 per ten gram in the national capital on profit-selling by stockists at prevailing higher levels amid a weak global trend.

Silver also declined by Rs 75 to Rs 45,000 per kg on reduced offtake by industrial units.

A similar trend was noticed in Mumbai, where gold of 99.9 and 99.5 per cent purity lost Rs 150 each to Rs 30,150 and Rs 30,000 per ten gram, respectively; while silver shed Rs 50 to Rs 45,750 per kg.

Traders said profit-selling by stockists amid a weak global trend on speculation that the US Federal Reserve will trim stimulus, just as physical demand in Asia slows before the Lunar New Year, mainly led to decline in gold.

Gold in Singapore, which normally sets price trend on the domestic front, fell by one dollar to USD 1,255.50 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 70 each to Rs 30,500 and Rs 30,300 per ten gram, respectively. It had gained Rs 400 in the last three trading sessions.

Sovereign, however, found selective buying and rose by Rs 50 to Rs 25,200 per piece of eight gram.

In line with a general weak trend, silver ready declined by Rs 75 to Rs 45,000 per kg and weekly-based delivery by Rs 50 to Rs 44,900 per kg.

On the other hand, silver coins spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces on upsurge in marriage season demand.