Snaps six-day rising streak
Snapping its six-day rising streak, gold prices fell by Rs. 130 to Rs. 27,900 per ten gram in the national capital on Tuesday on easing demand at higher levels amidst weak trend overseas.
Silver also turned weak and declined by Rs. 400 to Rs. 42,600 per kg on poor off-take by industrial units and coin makers.
Traders said besides fall in demand at prevailing levels, a weak trend in global markets, ahead of the US Federal Reserve’s two-day policy meet, led to the fall in the prices of precious metals.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7 per cent to USD 1,263.58 an ounce and silver by 0.4 per cent to USD 19.58 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity plunged by Rs. 130 each to Rs. 27,900 and Rs. 27,700 per ten gram respectively. It had gained Rs. 930 in last six days.
Sovereign also dropped by Rs. 100 to Rs. 24,600 per piece of eight gram.
In a similar fashion, silver ready declined by Rs. 400 to Rs. 42,600 per kg and weekly-based delivery by Rs. 275 to Rs. 42,050 per kg, after gaining Rs. 1,800 in the previous three sessions.
Silver coins dropped by Rs. 1,000 to Rs. 77,000 for buying and Rs. 78,000 for selling of 100 pieces.