Gold snaps 4-day rally, down Rs 145; silver shed Rs 600

New Delhi, Jan 7: Snapping a four-day gaining streak, gold prices fell by Rs 145 to Rs 28,120 per 10 grams in the national capital today on stockists selling at existing higher levels amid a weak trend in overseas markets.

Silver also moved down by Rs 600 to Rs 51,850 per kg on reduced offtake by industrial units and coin makers.

Trading sentiment turned bearish after gold fell in global markets, as the dollar’s surge eroded demand for the precious metal as an alternative asset.

Gold in New York fell 0.2 per cent to USD 1,616.80 an ounce.

In additions, fall in domestic demand at prevailing higher levels further fulled the downtrend in the precious metals’ prices.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 145 each to Rs 28,120 and Rs 27,980 per 10 grams, respectively. The metal had gained Rs 625 in the last four trading sessions.

However, sovereigns remained stable at Rs 23,300 per piece of eight grams on restricted deals.

Similarly, silver ready dropped by Rs 600 to Rs 51,850 per kg and weekly-based delivery by Rs 750 to Rs 51,850 per kg.

Silver coins followed suit and fell by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

PTI