Gold, silver snap four-day rally; fall on profit-selling
Snapping a four-day rally, gold and silver prices declined in the national capital on emergence of profit-selling by stockists at existing higher levels amid a weak global trend.
While gold fell by Rs 100 to Rs 31,350 per 10 grams and silver by 455 to Rs 47,445 per kg on reduced offtake as recent upsurge advised stockists to book profits.
Traders said profit-selling by stockists and reduced offtake by retail customers at higher levels mainly kept pressure on gold and silver prices.
They said a weakening global trend where gold retreated from the highest level in more than three months on expectations that the Federal Reserve will continue slowing stimulus in the US and the metal's advance may deter physical purchases, also dampened the sentiment.
Gold in Singapore, which normally set price trend on the domestic front, dropped by 0.9 per cent to $1,316.39 an ounce and silver by one per cent to $21.47 an ounce.
(Source: Economic Times India)