Gold falls for fourth-day on global cues; silver recovers
Gold prices extended losses for the fourth straight day by losing Rs 325 to Rs 31,100 per ten grams.
New Delhi: Gold prices extended losses for the fourth straight day by losing Rs 325 to Rs 31,100 per ten grams here on Monday on stockists selling.
However, silver snapped three day of losses and rebounded by Rs 420 to Rs 54,350 per kg on increased offtake by industrial units and coin makers at existing lower levels and a firming trend in international markets, where it rose 3.7 percent to USD 24.38 an ounce.
Traders said gold fell on sustained stockists selling at current levels amid a weakening trend in global markets, which pulled down gold prices.
Gold prices in Singapore, which normally set price trend at the domestic front, lost 1.6 percent to USD 1,373.38 an ounce on bets the US Federal Reserve will start to pare stimulus as the economy improves.
Rising equity markets, which lure investor to park their funds for quick gains, too reduced gold prices, they said.
On the domestic front, gold of 99.9 and 99.5 percent purity fell further by Rs 325 each to Rs 31,100 and Rs 30,900 per ten grams, respectively. It had lost Rs 2,475 in previous three sessions. Sovereign followed suit and declined by Rs 200 to Rs 25,100 per piece of eight gram.
On the other hand, silver ready gained Rs 420 to Rs 54,350 per kg and weekly based delivery gained Rs 2,420 to Rs 55,850 per kg. The white metal had lost Rs 4,570 in last three trades.
Silver coins also spurted by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.