Gold snaps 5-day rally, down Rs 125 to Rs 29,700 per ten grams

Snapping five-day long rally, gold prices slipped from four-month high by losing Rs 125 to Rs 29,700 per ten grams in the national capital today due to lack of buying support at existing higher levels amid a weak global trend.
Gold, which had surged after government decided to increased import duty, lost Rs 125 to Rs 29,700 per ten grams. The metal had gained Rs 1,485 in last five sessions.
However, silver maintained an upward trend for sixth day by adding Rs 85 to Rs 46,050 per kg on increased offtake by industrial units. The white metal had gained Rs 4,555 in the last five sessions.

Traders said lack of buying by stockists at prevailing higher levels amid a weak trend in overseas markets mainly kept pressure on gold prices.
Gold in New York, which normally set price trend on the domestic front, fell by 15.90 dollar to 1321.40 dollar an ounce.
Besides, investors shifting their funds to surging stock markets further influenced the gold prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 125 each to Rs 29,700 and Rs 29,500 per ten grams respectively. Sovereign held steady at Rs 24,500 per piece of eight gram.
On the other hand, silver ready maintained its upward trend for the sixth-straight day by adding Rs 85 to Rs 46,050 per kg, after gaining Rs 4,555 in the previous five session.

However, silver weekly-based delivery lacked necessary buying support and shed Rs 15 to Rs 45.950 per kg.
Silver coins held steady at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.