Gold price falls from 3-week high on profit-selling, global cues
New Delhi: Gold prices fell from three-week high by losing Rs 200 to Rs 30,000 per 10 grams here Tuesday on profit-selling by stockists at prevailing higher levels amid weak global trend.
Silver also snapped two-day rising trend and dropped by Rs 600 to Rs 43,300 per kg on poor offtake by industrial units and coin makers. The white metal had gained Rs 300 in last two sessions.
Traders said apart from profit-selling at prevailing higher levels, a weak global trend as investors assessed an improving US economy and the situation in Ukraine, mainly influenced gold and silver prices.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 1.2 percent to USD 1,312.41 an ounce and silver by one percent to USD 19.78 an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity plunged by Rs 200 each to Rs 30,000 and Rs 29,800 per 10 grams, respectively. It had climbed to three-week high at Rs 30,200 in the previous session. Sovereign, however, held steady at Rs 25,000 per piece of eight grams.
Silver ready dropped by Rs 600 to Rs 43,300 per kg and weekly-based delivery by Rs 360 to Rs 42,820 per kg, while silver coins continued to be asked at last level of Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.