Gold slips from 3-week high, down Rs 315 on profit-selling

Gold prices slipped from a three-week high by losing Rs 315 to Rs 30,885 per ten grams in the national capital today on profit-selling at prevailing higher levels.
Silver also declined by Rs 100 to Rs 49,580 per kg on reduced offtake by industrial units.
Traders said profit-selling by stockists at prevailing higher levels amid sluggish demand due to ongoing "Shradhs" mainly led to the fall in precious metals.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 315 each to Rs 30,885 and Rs 30,685 per ten grams, respectively. It had climbed to a three-week high of Rs 31,200 in the previous session.

Sovereign also lacked necessary follow up support and declined by Rs 100 to Rs 25,000 per piece of eight gram.
In line with a general weak trend, silver ready declined by Rs 100 to Rs 49,580 per kg and weekly-based delivery by Rs 20 to Rs 49,580 per kg. The white metal had surged by Rs 1,225 in the previous session.
However, silver coins held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.