Gold, silver fell further on sustained selling

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Both the precious metals, gold and silver, fell further in the national capital Tuesday on sustained selling by stockists at existing higher levels amid a weak global trend.

While gold fell further by Rs 235 to Rs 31,125 per 10 grams in continuation of slide of Rs 165 Monday, silver by Rs 455 to Rs 50,155 per kg after losing Rs 75 in last trade.

Traders said sustained selling by stockists at higher levels mainly led to fall in the previous metals.

They said a weakening tend in global markets further influenced the market sentiment.

Gold in Singapore, which normally set price trend on the domestic front, fell by 0.28 per cent to Rs 1361.80 and silver by 1.90 per cent to 22.75 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 235 each to Rs 31,125 and Rs 30,925 per 10 grams respectively. Sovereign lost Rs 100 at Rs 24,900 per piece of eight gram.

In line with a general weak trend, silver dropped by Rs 455 to Rs 50,155 per kg and weekly-based delivery by Rs 635 to Rs 49,855 per kg. The white metal had shed Rs 75 in the previous session.

Silver coins also plummeted by Rs 3,000 to Rs 3,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.