Gold continues to fall for 4th day, slides Rs 150
Traders said besides sluggish demand from local jewellers, sentiment remained bearish on weak trend overseas.
New Delhi: Extending its downward trend for fourth straight day, the price of gold Friday fell by Rs 150 to Rs 32,470 per 10 gram at the bullion market here due to tepid demand from jewellers amid subdued trend overseas, according to the All India Sarafa Association.
Silver prices, however, held steady at the previous level of Rs 37,700 per kg.
Traders said besides sluggish demand from local jewellers, sentiment remained bearish on the back of a weak trend overseas amid the US Federal Reserve's decision to hold rates, thereby putting pressure on the gold prices.
Globally, spot gold was trading lower at USD 1,270.60 an ounce, while silver stood steady at USD 14.70 an ounce in New York.
In the past three trading sessions, gold prices declined by Rs 380.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 150 each to Rs 32,470 and Rs 32,300 per 10 gram, respectively.
However, sovereign gold held steady at Rs 26,400 per eight gram.
Silver ready stood steady at Rs 37,700 per kg while weekly-based delivery reduced by Rs 66 to Rs 36,308 per kg.
On the other hand, silver coins held flat at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.