Gold prices on Tuesday fell by Rs. 180 to Rs. 28,270 per ten gram at the bullion market, snapping its two-day rising streak, as demand from jewellers and retailers eased at prevailing levels amid a weak global trend.
Silver, however, recovered by Rs. 450 to Rs. 38,450 per kg on increased off-take by industrial units and coin makers.
Traders said besides fall in demand at existing levels from jewellers and retailers at domestic markets, a weak global trend as investors weighed prospects for higher U.S. interest rates mainly kept pressure on gold prices.
Gold in New York, which normally sets price trend on the domestic front, fell 0.72 per cent to $1,273.80 an ounce in Monday’s trade.
In the national capital, gold of 99.9 and 99.5 per cent purity plunged by Rs. 180 each to Rs. 28,270 and Rs. 28,070 per ten gram respectively. The precious metal had gained Rs. 350 in the previous two trading sessions.
Sovereign, however, continued to be traded at last level of Rs. 24,000 per piece of eight gram in limited deals. On the other hand, silver ready recovered by Rs. 450 to Rs. 38,450 per kg and weekly-based delivery by Rs. 50 to Rs. 38,000 per kg.
Meanwhile, silver coins enquired at previous level of Rs. 63,000 for buying and Rs. 64,000 for selling of 100 pieces.
