Gold, silver fall on sustained selling, global cues

Extending losses for the fourth straight day, gold prices declined by another Rs 95 to Rs 30,330 per 10 gram in the national capital on Friday on sustained selling by stockists amid weak global trend.

Silver followed suit and lost another Rs 500 to Rs 45,200 per kg on lack of buying support from industrial units and coin makers.

Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.16 per cent to $1,328.50 an ounce and silver by 1.65 per cent to USD 20.27

an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surrendered Rs 95 each to Rs 30,330 and Rs 30,130 per ten gram respectively.

It had lost Rs 405 in the precious three sessions.

Sovereign, however, held steady at Rs 25,200 per piece of eight gram.

In a similar fashion, silver ready fell further by Rs 500 to Rs 45,200 per kg and weekly-based delivery by Rs 580 to Rs 44,920 per kg.

The white metal had lost Rs 1,500 in last three trading sessions.

Silver coins also plunged by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.