Both precious metals, gold and silver, extended their losses for the fourth straight day in the national capital today on increased selling by stockists amid weak global cues.
While gold lost Rs 50 to Rs 20,370 per ten grams, silver dropped by Rs 300 to Rs 39,500 per kg on reduced local demand at prevailing higher levels.
Marketmen said increased selling by stockists in tandem with a weak trend in overseas markets mainly led to the fall in both silver and gold prices. Gold fell by $8.30 to $1360.50 an ounce in New York.
Despite the marriage season retailers refrained from purchasing the metals at such higher levels and preferred to wait for a further fall in coming days, they added.
On the domestic front, the gold of 99.9 per cent purity and 99.5 per cent purity lost Rs 50 each to Rs 20,370 and Rs 20,240 per ten grams, respectively. The metal had lost Rs 180 per ten grams in the last three trading sessions.
However, sovereign remained steady at Rs 16,400 per piece of eight grams.
In line with a general weak trend, silver ready fell further by Rs 300 to Rs 39,500 per kg and weekly-based delivery by Rs 245 to Rs 39,055 per kg.
Silver coins remained static at Rs 43,800 for buying and Rs 43,900 for selling of 100 pieces.