Gold price down Rs 120 on weak global cues

Snapping a four-day rising streak, gold prices today fell by Rs 120 to Rs 30,250 per 10 grams here due to selling by stockists at existing higher levels amid a weak global trend.

Silver followed suit and fell by Rs 250 to Rs 54,750 per kg owing to lack of buying support from industrial units and coin makers.

Traders said stockists selling at prevailing higher levels amid a weak global trend mainly led to the fall in gold and silver prices.

Gold in New York, which normally sets the price trend on the domestic front, fell by USD 6.10 to USD 1,606.70 an ounce and silver by 0.31 per cent to USD 28.82 an ounce.

Besides, sluggish domestic demand also dampened the sentiment to some extent, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 120 each to Rs 30,250 and Rs 30,050 per 10 grams, respectively. The metal had gained Rs 440 in the

previous four sessions. Sovereigns followed suit and declined by Rs 50 to Rs 25,300 per piece of eight grams.

In line with a general weak trend, silver ready lacked necessary buying support and lost Rs 250 at Rs 54,750 per kg and weekly-based delivery by Rs 210 to Rs 54,350 per kg.

Silver coins maintained steady trend at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

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