Gold falls for third day; down Rs 255 at Rs 31,260 per 10 grams

Gold falls for third day; down Rs 255 at Rs 31,260 per 10 grams New Delhi: Gold fell for the third straight session in the national capital on Tuesday by losing Rs 255 to Rs 31,260 per 10 grams on sustained selling by stockists in line with a weak global trend.

Silver followed suit and slide for the fourth-day and lost Rs 370 to Rs 59,930 per kg on lack of buying support from industrial units and coin makers.

Traders said sustained selling by stockists in tandem with a weak global trend mainly pulled down both gold and silver prices.

In New York last night, gold fell by USD 16.90 to USD 1,737.40 an ounce and silver by 2.33 percent to USD 32.70 an ounce.

In addition, falling demand at prevailing higher levels further fuelled the downtrend in precious metals, they said.

On the domestic front, gold of 99.9 and 99.5 percent purity remained weak for the third day and plunged by Rs 255 each to Rs 31,260 and Rs 31,060 per 10 grams, respectively. It had lost Rs 285 in the previous two sessions. Sovereigns held steady at Rs 25,400 per piece of eight grams in thin trade.

In line with a general weakening trend, silver ready dropped for the fourth day and lost Rs 370 to Rs 59,930 per kg and weekly-based delivery by Rs 750 to Rs 59,900 per kg. The white metal had lost Rs 1,100 in last three trading sessions.

Silver coins continued to be asked around previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

PTI