Gold prices extended losses for the second straight session by falling Rs. 205 to Rs. 30,160 per ten grams in the national capital on Friday on sustained selling by stockists, triggered by a weakening global trend.
While silver prices dropped for the third day and lost Rs. 725 at Rs. 43,500 per kg on poor off-take by industrial units and coin makers.
In Mumbai, gold of 99.9 and 99.5 per cent purity dropped by Rs. 320 each to Rs. 29,630 and Rs. 29,480 per ten grams, respectively. Silver declined by Rs. 450 to Rs. 43,800 per kg.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Gold in New York, which normally sets price trend on the domestic front, fell by 3.4 per cent to $1,193.60 an ounce and silver by 4.4 per cent to $19.18 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 205 each to Rs. 30,160 and Rs. 29,960 per ten grams, respectively. It had shed Rs. 65 on Thursday. Sovereign declined by Rs. 50 to Rs. 25,150 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs. 725 to Rs. 43,500 per kg and weekly-based delivery by Rs. 780 to Rs. 43,800 per kg. The white metal had lost Rs. 855 in the previous two sessions.
Silver coins also plummeted by Rs. 1,000 to Rs. 84,000 for buying and Rs. 85,000 for selling of 100 pieces.