Gold falls on profit-selling, silver remains higher

NEW DELHI: Gold prices fell by Rs. 220 to Rs. 30,800 per ten grams here on Thursday on emergence of profit-selling at prevailing higher levels.
However, silver gained for the third day by adding Rs. 200 to Rs. 46,900 per kg on sustained buying by industrial units and coin manufacturers.
Traders said profit-selling by stockists at prevailing higher levels against sluggish demand mainly pulled down gold prices.
Rising equities lured investors to park their funds for quick gains and that reduced the gold demand, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs. 220 each to Rs. 30,800 and Rs. 30,600 per ten grams, respectively. It had shot up by Rs. 320 on Wednesday.
Sovereign fell by Rs. 50 to Rs. 25,350 per piece of eight grams.
On the other hand, silver ready advanced by Rs. 200 to Rs. 46,900 per kg and weekly-based delivery by Rs. 240 to Rs. 46,690 per kg. It had gained Rs. 770 in last two days.
Silver coins also spurted by Rs. 1,000 to Rs. 87,000 for buying and Rs. 88,000 for selling of 100 pieces.        —PTI