Gold falls on profit-selling, weak global cues

Gold prices fell by Rs 110 to Rs 31,040 per ten grams in the national capital today on profit-selling by stockists at existing higher levels amid a weak global trend.

However, silver gained for the third straight day by adding Rs 60 to Rs 45,060 per kg on increased offtake by industrial units and coin makers.

Traders said profit-selling by stockists at existing higher levels amid a weak global trend as congressional negotiators reached a US budget agreement, curbing the appeal of the metal as a safe haven, mainly influenced gold prices.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,257.20

an ounce on Wednesday night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 110 each to Rs 31,040 and Rs 30,840 per ten grams, respectively. It had gained Rs 425 on Wednesday.

Sovereign held steady at Rs 25,300 per piece of eight gram.

On the other hand, silver ready rose by Rs 60 to Rs 45,060 per kg and weekly-based delivery by similar margin to Rs 45,660 per kg.

The white metal had gained Rs 1,530 in the previous two sessions.

Silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.