Gold falls for fourth day on sustained selling, global cues

New Delhi, Apr 2. Gold fell for the fourth straight day as prices shed Rs 10 to Rs 29,250 per 10 grams in the national capital today on sustained selling by stockists against sluggish demand amid a weakening global trend. Silver also lost Rs 100 to Rs 43,400 per kg on lack of buying support from industrial units and coin makers. Traders said sustained selling by stockists against sluggish demand amid a weakening global trend mainly led to decline in gold prices. Gold in New York, which normally sets price trend on the domestic front, fell by 0.39 per cent to USD 1,280.80 an ounce. They said investors shifting funds from weakening bullion to climbing equities reduced the metal's demand. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 29,250 and Rs 29,050 per ten grams, respectively, after losing Rs 90 in last three days. Sovereign, however, held steady at Rs 24,900 per piece of eight grams. Silver ready fell by Rs 100 to Rs 43,400 per kg while weekly-based delivery recovered by Rs 485 to Rs 42,640 per kg. Silver coins also tumbled by Rs 2,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.