Gold prices fell by ₹150 to ₹29,600 per 10 grams at the bullion market on February 2, snapping its four-day rising streak due to a slowdown in buying by local jewellers even as the metal strengthened in the overseas market. However, silver advanced by ₹450 to ₹42,650 per kg backed by increased offtake by industrial units and coin makers.

Traders said fall in demand from local jewellers as well as retailers at the domestic spot market led to declining in gold prices, but a firm trend overseas capped the fall.


Globally, gold rose 0.41 per cent to $1,214.50 an ounce in Singapore as the weakness in dollar raised demand for the precious metal as a safe-haven.


In the national capital, gold of 99.9% and 99.5% purity drifted lower by ₹150 each to ₹29,600 and ₹29,450 per 10 grams respectively. It had gained ₹600 in the previous four days. However, Sovereign remained flat at ₹24,400 per piece of eight grams.

On the other hand, silver ready rose further by ₹450 to ₹42,650 per kg, and weekly-based delivery recaptured the 42,000-mark by rising ₹395 to ₹42,265 per kg.


Meanwhile, silver coins continued to be traded at a previous level of ₹ 72,000 for buying and ₹73,000 for selling of 100 pieces.