Gold falls on profit-selling, global cues

Written by PTI | New Delhi | Updated: Mar 1 2014, 01:09am hrs
GSnapping a four-day rising streak, gold prices drifted by Rs 200 to Rs 31,300 per ten gram. Reuters
Snapping a four-day rising streak, gold prices drifted by Rs 200 to Rs 31,300 per ten gram here today on profit-selling by stockists at existing higher levels against sluggish demand amid weak global trend.

Silver also halted a five-day rally, tumbling by Rs 1,740 to Rs 46,560 per kg on poor offtake by industrial units and coin makers.

Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.

They said a weakening trend in overseas markets also influenced the trading sentiment.

Gold in London, which normally sets price trend on the domestic front, fell by 0.35 per cent to USD 1327.20 an ounce and silver by 0.42 per cent to USD 21.17 an ounce.

Investor shifting their funds from weakening bullion to rising equities for quick gains also reduced the precious metal demand, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 200 each to Rs 31,300 and Rs 31,100 per ten gram respectively, after gaining Rs 350 in last four sessions.

Sovereign, however, held steady at Rs 25,500 per piece of eight gram in limited deals.

In a similar fashion, silver ready suffered a loss of Rs 1,740 to Rs 46,560 per kg and weekly-based delivery by Rs 480 to Rs 47,360 per kg. The white metal had gained Rs 800 in the previous five sessions.

Silver coins also plunged by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

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