Gold falls on profit selling, weak global cues

Snapping a two-day rising trend, gold prices fell by Rs 170 to Rs 29,950 per ten grams in the national capital today on profit selling by stockists at existing higher levels, influenced by a weak global trend.
Silver also met with resistance after four days of gains, and lost Rs 750 at Rs 44,250 per kg.
Traders said profit selling by stockists at existing higher levels in line with a weak global trend as investor holdings extended their decline to the lowest since 2009, mainly pulled down precious metals.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to USD 1,206.81 an ounce and silver by 1.5 per cent to USD 19.78 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 170 each to Rs 29,950 and Rs 29,750 per ten grams, respectively. The yellow metal had gained Rs 220 in the previous two sessions.
Sovereign, however, held steady at Rs 25,100 per piece of eight gram in scattered deals.
Similarly, silver ready declined by Rs 750 to Rs 44,250 per kg and weekly-based delivery by Rs 600 to Rs 44,550 per kg. The white metal had gained Rs 1,450 in last four trading sessions.
Silver coins also dropped by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.