New Delhi: After two days of gains, gold prices dropped by Rs 50 to Rs 30,750 per ten gram in the national capital Wednesday on emergence of profit-selling by stockists at existing higher levels amid weak global trend.
Silver too fell by Rs 190 to Rs 44,940 per kg on lack of buying support from industrial units and coin makers.
A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 percent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg.
Traders said besides profit-selling by stockists at higher levels, a weak global trend dampened physical demand and led to decline in prices of precious metals.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.6 percent to USD 1,284.15 an ounce and silver lost 0.3 percent to USD 20.16 an ounce.
In addition, investors shifting their funds from bullion to rising equities for quick gains also reduced the precious metals demand to some extent, they said.
On the domestic front, gold of 99.9 and 99.5 percent purity declined by Rs 50 each to Rs 30,750 and Rs 30,550 per ten gram, respectively. It had gained Rs 600 in last two trading sessions.
However, sovereign found selective buying by retailers and rose by Rs 50 to Rs 25,350 per piece of eight gram.
Silver ready dropped by Rs 190 to Rs 44,940 per kg and weekly-based delivery by Rs 240 to Rs 44,640 per kg. It had gained Rs 510 in the previous two sessions.
On the other hand, silver coins maintained steady trend at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
First Published: Wednesday, February 12, 2014, 17:48