Gold snaps 3-day gaining streak; down Rs 30 on global cues

Snapping a three-day gaining streak, gold prices slipped by Rs 30 to Rs 28,445 per 10 grams in the national capital today on stockists selling at prevailing higher levels amid a weak global trend.

However, silver recovered by Rs 345 to Rs 41,345 per kg on increased offtake by industrial units.

Traders said stockists selling at prevailing higher levels against restricted buying mainly led to decline in gold prices.

Weak global trend speculation that the central bank may begin to taper its unprecedented stimulus program in the coming months, also influenced the gold, they said.

Gold in Singapore, which normally sets the price trend on the domestic front, fell 0.7 per cent to USD 1,318.26

an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days. Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.

On the other hand, silver ready recovered by Rs 345 to Rs 41,345 per kg and weekly-based delivery by Rs 320 to Rs 41,120 per kg, respectively.

The white metal had lost Rs 350 in the previous two session.

On the other hand, silver coins maintained steady trend at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.