Gold continued its downward journey for the fifth session today by losing Rs 70 to Rs 31,200 per 10 grams due to sustained selling by stockists in line with a weak global trend.
Silver also dropped by Rs 150 to Rs 59,450 per kg on reduced offtake by industrial units and coin makers. Traders said sustained selling by stockists on the back of sluggish demand at prevailing higher levels mainly kept pressure on gold prices for the fifth straight day.
They said weak global trend where gold decline as commodities led by base metals fell and a stronger dollar curbed demand for bullion as an alternative investment further fuelled the downtrend.
Reduced offtake by industrial units and coin makers helped silver prices to surrendered fresh ground, they added. Gold in London, which normally sets the price trend on the domestic front, fell by 0.5 per cent to USD 1,703.53 an ounce, its lowest since since September 7. Silver also fell by 1.4 per cent to USD 31.69 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 70 each to Rs 31,200 and Rs 31,000 per 10 grams, respectively.
The metal had lost Rs 455 in last four sessions. Sovereigns remained steady at Rs 25,400 per piece of eight grams in thin trade. In line with a general weakening trend, silver ready dropped by Rs 150 to Rs 59,450 per kg, while weekly-based delivery gained Rs 50 to Rs 59,450 per kg, while silver coins held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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