Gold prices are continuing to decline in international and domestic markets with a $91 per ounce drop to $4,083.
According to reports the same fell by Rs9,100 to Rs430,662 in the local market while 10 grams of gold decreased by Rs7,799 to Rs369,223. Spot gold fell by 1.9% at $4,092.72 per ounce after earlier sliding more than 3%.
In other metals, spot silver edged down 2.8% to $50.84 per ounce but is still up 5.2% for the week.
Reports quoted Director of Interactive Commodities Adnan Agar as noting that gold’s daily high reached $4,148, with a low of $4,097. “After touching the high, prices dipped about $40, when the US session opened. There is strong support at $4,155; if breached, gold could rise to $4,200-4,220. However, if resistance holds, it may retract to $4,080-4,050.”
The vice president and senior metals strategist at Zaner Metals, Peter Grant said, “We just got into good resistance around the halfway back point and that probably prompted some profit-taking on longs after Monday’s strong gains and perhaps a little bit of speculative selling up there as well.”