After two days of gains, gold
prices fell by Rs 50 to Rs 28,450 per ten gram at the bullion
market in the national capital today on stockists selling,
triggered by a weak global trend.
Silver followed suit and eased by Rs 350 to Rs 45,150 per
kg on reduced offtake by industrial units and coin makers.
Marketmen said stockists selling in tandem with a weak
global trend amid speculation that the Federal Reserve will
raise US interest rates sooner than expected mainly influenced
Gold in New York, which normally sets price trend on the
domestic front, fell by 0.6 per cent to USD 1,309.40 an ounce
and silver by 1.2 per cent to USD 20.88 an ounce.
Besides, fall in domestic demand at prevailing higher
levels further fuelled the downtrend, they said.
In Delhi, gold of 99.9 and 99.5 per cent purity declined
by Rs 50 each to Rs 28,450 and Rs 28,250 per ten gram,
respectively. It had gained Rs 325 in the previous two
sessions. Sovereign, however, held steady at Rs 24,900 per
piece of eight gram.
In line with a general weak trend, silver ready dropped
by Rs 350 to Rs 45,150 per kg and weekly-based delivery by Rs
410 to Rs 44,930 per kg. It had rallied by Rs 650 in last two
Silver coins also plunged by Rs 1,000 to Rs 79,000 for
buying and Rs 80,000 for selling of 100 pieces.