Mumbai:- Gold and silver prices snapped their two-day winning spree on lack of stockists buying amidst firm equity market.
Lack of buying interest from investors in precious metals in view of rise in equity market also affected the prices of gold and silver.
Standard gold (99.5 purity) fell by 205 per ten grams to close at 30,995 from the last weekend’s level of 31,200.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 31,145 per 10 grams as against Rs 31,350 ended on last week.
Silver (.999 fineness) tumbled by Rs 450 per kg to close at Rs 45,865 from Rs 46,315 earlier.
In the global market, gold futures tipped negligibly higher in early action today, underpinned by broader market uncertainty but lacking the strong safe-haven demand that elevated the precious metal much of last week.
US stock futures were steady to firmer Monday, attempting to build on a late-Friday recovery that tracked a 14% rise for U.S.-traded shares of troubled Deutsche Bank AG . Deutsche Bank has roiled markets and sent investors into a risk-off mindset that favors gold and other perceivably lower-risk investments
PTI
