Precious metals fall for third day on global cues, low demand

New Delhi, Sep 23. Both gold and silver fell for the third straight session in the national capital today on lower demand against sustained selling in line with a weak global trend. While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units. Traders said sentiment remained bearish on fall in demand following ongoing "Sharads", an inauspicious fortnight in Hindu mythology for making any fresh purchases. They said a weakening global trend where gold extended the biggest drop in more than a week as investors weighed the outlook for stimulus, further influenced the trend. Gold in Singapore, which normally sets price trend at the domestic front, dropped 0.9 per cent to USD 1,313.69 an ounce and silver by 1.4 per cent to USD 21.48 an ounce. At the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 250 each to Rs 30,250 and Rs 30,050 per ten grams, respectively. The yellow metal had lost Rs 310 in the previous two sessions. Sovereign shed Rs 100 to Rs 25,000 per piece of eight gram. Silver ready dropped by Rs 475 to Rs 49,025 per kg and weekly-based delivery by Rs 575 to Rs 48,925 per kg. The white metal had lost Rs 1,700 in last two sessions. Silver coins, however, held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces in limited deals