Gold prices fall on sustained selling, global cues
Gold prices fell by Rs.200 to Rs.31,100 per 10 grams in the national capital on Saturday on sustained selling by stockists and weak global cues.
New Delhi: Gold prices fell by Rs.200 to Rs.31,100 per 10 grams in the national capital on Saturday on sustained selling by stockists and weak global cues. However, silver recovered by Rs.740 to Rs.47,300 per kg on low level buying by industrial units after Friday’s sharp fall of Rs.1,740.
Market men said sustained selling by stockists in tandem with weakening global trend as gains in equities curbed demand for the precious metal as an alternative investment kept pressure on gold prices to trade further lower.
Gold in New York, which normally sets price trend on the domestic front, fell by 0.8 per cent to $ 1,321.60 an ounce and silver by 0.5 per cent to $ 21.24 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs.200 each to Rs.31,100 and Rs.30,900 per 10 grams, respectively. It had lost Rs.200 on Friday. Sovereign also shed Rs.50 to Rs.25,450 per piece of eight grams.
On the other hand, silver ready recovered by Rs.740 to Rs.47,300 per kg while weekly-based delivery plunged by Rs.1,000 to Rs.46,360 per kg on lack of speculative buying. Silver coins maintained a steady trend at Rs.88,000 for buying and Rs.89,000 for selling of 100 pieces.