Gold declined by Rs. 35 to Rs. 18,050 per ten grams in the capital on Friday as investors booked profits after yesterday’s gains on expectations that the precious metal will lose more ground in the coming days.

Gold of 99.99 per cent and 99.5 per cent purity declined by Rs. 35 each to Rs. 18,050 and Rs. 17,950 per ten grams, respectively. They had gained Rs. 85 in the previous session.

Sovereigns followed suit and fell by Rs. 100 to Rs. 14,500 per piece of eight grams on reduced offtake.

Marketmen said the emergence of profit-booking by stockists and a fall in demand at existing higher levels mainly led to the decline in gold prices.

A weakening trend in the futures market also influenced the trading sentiment, they said.

In line with the general weakening trend in the bullion market, silver prices continued their slide in the absence of buying support, losing Rs. 100 to Rs. 28,450 per kg in today’s trade. Weekly-based silver delivery also fell by Rs. 65 to Rs. 28,225 per kg.

However, silver coins were an exception to the general trend on account of festive demand. Silver coins gained another Rs. 100 to Rs. 34,100 for buying and Rs. 34,200 for selling of 100 pieces.

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