Gold falls for fourth day, down Rs 85 on subdued demand

New Delhi, Jan 29. Gold prices fell for the fourth day by losing Rs 85 to Rs 31,000 per 10 gm in the national capital today owing to subdued demand at higher levels amid a weakening global trend. Silver followed suit and declined by Rs 400 at Rs 58,000 per kg on reduced offtake by industrial units. Gold had lost Rs 300 and silver by 1,350 in the last three sessions on drying up demand at existing higher levels and off marriage season. Marketmen said sustained selling by stockists against subdued demand at such costly levels amid a weak global trend mainly kept pressure on both gold and silver prices. Gold in New York, which normally set price trend on the domestic front, fell by USD 4.80 to USD 1654.50 an ounce and silver by 1.09 per cent to USD 30.84 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent lost Rs 85 each at Rs 31,000 and Rs 30,800 per 10 gm, respectively, while sovereign remained steady at Rs 25,400 per piece of eight gram in thin trade. Similarly, silver ready dropped by Rs 400 to Rs 58,000 per kg and weekly-based delivery by Rs 675 to Rs 57,725 per kg. Silver coins attracted some buying support and spurted by Rs 1,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.