Snapping its four-day rising streak, gold prices fell by Rs 280 to Rs 28,450 per 10 grams in the national capital on Monday on slackened demand at prevailing higher levels amid weak global cues.
According to traders, sentiments turned bearish as buying by jewellers declined at current levels due to gold retreating from a four-month high in overseas markets as a rebound in equities dampened demand for an alternative investment.
In Singapore also, where gold usually sets the price trend on domestic front the metal fell by 1.6 per cent to $1,317.12 an ounce, the lowest level since July 8 and silver by 1.6 per cent to $21.09
Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced off take by industrial units and coin makers. It had gained Rs 670 in last four sessions.
Sovereign, however, remained steady at Rs 24,900 per piece of eight grams in restricted buying.
Silver ready dropped by Rs 400 to Rs 45,600 per kg and weekly-based delivery by Rs 475 to Rs 45,590 per kg.
Silver coins, however, continued to be asked at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
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