Gold, silver remain weak on sustained selling, global cues

New Delhi, Dec 31. Extending its losses for the second straight day, gold prices fell by another Rs 150 to Rs 29,800 per ten grams in the national capital today on sustained selling by stockists against falling demand amid a weakening global trend. Similarly, silver lost another Rs 495 to Rs 43,755 per kg. In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,530 and Rs 29,380 per ten grams, respectively, while silver enquired at Rs 45,000 per kg. Traders said sustained selling by stockists against falling demand at prevailing higher levels mainly led to decline for the second day in the precious metals. Weakening global trend as an improving economy cut demand for a protection of wealth also dampened the sentiment, they said. Gold in New York, which normally sets price trend on the domestic front, fell by 1.41 per cent to USD 1196.70 an ounce and silver by 2.54 pc to USD 19.57 an ounce last night. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 150 to Rs 29,800 and Rs 29,600 per ten grams, respectively. It had lost Rs 170 yesterday. Sovereign remained steady at Rs 25,100 per piece of eight gram. In line with a general weak trend, silver ready dropped by Rs 495 to Rs 43,755 per kg and weekly-based delivery by Rs 595 to Rs 43,955 per kg. It had lost Rs 750 in last trade. On the other hand, silver coins found selective buying and spurted by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.