Gold prices in the national capital continued their falling streak for the fourth straight session, tumbling another Rs 260 to Rs 31,450 per ten grams on Thursday, on heavy selling by stockists.
Traders said continued selling in tandem with a weakening global trend, on speculation that the US Fed may begin scaling back monetary stimulus as the economy improves, mainly kept pressure on prices.
They said lower domestic demand at current levels and investors shifting their funds to rising equities also influenced the sentiment.
Gold in Singapore, which normally determines price trend on the domestic front, fell by 0.7 per cent to $1,335.30 an ounce and Silver by 1.9 per cent to $22.32 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity remained under selling pressure and tumbled further by Rs 260 each at Rs 31,450 and Rs 31,250 per ten grams, respectively. It had lost Rs 860 in the last three sessions. Sovereign, however, remained steady at Rs 25,300 per piece of eight gram in restricted buying.
In line with a general weak trend, silver ready declined by Rs 550 to Rs 49,550 per kg and weekly-based delivery by Rs 680 to Rs 49,120 per kg. The white metal had gained Rs 510 on Wednesday. Silver coins also dropped by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.
