Snapping its four-day rally, gold prices fell by Rs. 70 to Rs. 28,620 per 10 gram in the bullion market in New Delhi on Wednesday, while silver shed Rs. 700 to Rs. 55,800 on fall in demand at prevailing higher levels, despite a firming global trend.
Silver coins also followed suit and tumbled by Rs. 3,000 to Rs. 65,000 for buying and Rs. 66,000 for selling of 100 pieces on sluggish demand.
Traders said both precious metals remained under pressure even as a better trend was seen in the overseas markets, which normally sets the price trend here, due to lack of buying support from speculators and reduced offtake by industrial units.
In Singapore, gold gained $4.70 to $1,741.40 an ounce, while silver rose by 1.18 per cent to $33.52 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 70 each to Rs. 28,620 and Rs. 28,480 per 10 gram, respectively. The metal had gained Rs. 920 in the last four trading trades.
Sovereigns remained steady at Rs. 23,400 per piece of 8 gram on restricted buying.
Silver ready also shed by Rs. 700 to Rs. 55,800 per kg and weekly-based delivery lost Rs. 775 to Rs. 56,410 per kg.
