Gold, silver fall on stockists selling, global cues

Gold prices declined by Rs 105 to Rs 30,725 per ten gram in the national capital today on stockists selling at prevailing higher levels, triggered by weak global trend.

Silver also lost Rs 750 to Rs 46,450 per kg, snapping five-day upsurge, on reduced offtake by jewellers and industrial units.

Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver prices.

They said weak global trend where gold fell from six-month high as US economic data beat estimates, backing the case for reduced stimulus before the Fed meeting today, further influenced the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.7% to USD 1,357.13 an ounce and silver by 0.7% to USD 21.05 an ounce.

Strengthening rupee against the US dollar also made the dollar-priced precious metals cheaper when import, they added.

On the domestic front, gold of 99.9 and 99.5%  purity fell by Rs 105 each to Rs 30,725 and Rs 30,525 per ten gram respectively. It had gained Rs 30 in last two trade.

Sovereign shed Rs 50 to Rs 25,300 per piece of eight gram.

Silver ready declined by Rs 750 to Rs 46,450 per kg and weekly-based delivery by Rs 835 to Rs 46,250 per kg. The white metal had gained Rs 1,270 in last five sessions.

Silver coins dropped by Rs 2,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.