Gold prices fall by Rs 70 to Rs 28,620; silver loses Rs 700
- Feb 01, 2012, 16:03 PM IST
New Delhi: Snapping its four-day rally, gold prices fell by Rs 70 to Rs 28,620 per 10 grams in the bullion market here today, while silver shed Rs 700 to Rs 55,800 on fall in demand at prevailing higher levels, despite a firming global trend.
Silver coins also followed suit and tumbled by Rs 3,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces on sluggish demand.
Traders said both precious metals remained under pressure even as a better trend was seen in the overseas markets, which normally sets the price trend here, due to lack of buying support from speculators and reduced offtake by industrial units.
In Singapore, gold gained USD 4.70 to USD 1,741.40 an ounce, while silver rose by 1.18 per cent to USD 33.52 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 70 each to Rs 28,620 and Rs 28,480 per 10 grams, respectively. The metal had gained Rs 920 in the last four trading trades.
Sovereigns remained steady at Rs 23,400 per piece of eight grams on restricted buying.
Silver ready also shed by Rs 700 to Rs 55,800 per kg and weekly-based delivery lost Rs 775 to Rs 56,410 per kg.