Gold slide for third day on stockists selling, global cues
New Delhi: Gold prices continued to slide for the third day in a row by tumbling Rs 340 to Rs 31,340 per ten grams in the national capital on Thursday on sustained selling by stockists on sluggish demand amid a weak global trend.
Silver also fell by Rs 435 to Rs 61,000 per kg on reduced offtake by industrial units and coin manufacturers.
Sentiment remained bearish on reduced offtake by stockists who adopted a wait-and-watch policy and expecting more corrections in the prices.
A weakening global trend further pulled down the precious metal prices as gold dropped to near a one-month low after a stronger dollar damped demand for commodities.
The gold in overseas markets, which normally set price trend on the domestic front, fell 0.4 percent to USD 1,687.15 an ounce in Singapore.
On the domestic front, gold of 99.9 and 99.5 percent purity remained under selling pressure and dropped by Rs 340 each to 31,340 and Rs 31,140 per 10 gm, respectively. It had lost Rs 320 in last two sessions. Sovereign followed suit and shed Rs 50 to Rs 25,500 per piece of eight gram.
With the general weakening trend, silver ready fell by Rs 435 to Rs 61,000 per kg and weekly-based delivery by Rs 810 to Rs 62025 per kg.
Silver coin held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.