Gold loses Rs115 on weak global cues

New Delhi: Notwithstanding the marriage season demand, gold prices fell by Rs115 to Rs10,100 per 10 grams on the bullion market on 20 November, on selling by stockists due to weak global trend.

Trading sentiment turned bearish following reports the precious metal has dipped in Singapore by $8.65, or 1.1%, to $773.10 an ounce, the lowest since 26 October.

Marketmen said weak trends in international markets mainly pulled down gold prices, even discounting the heavy demand for the current marriage season.

They said most of the world financial markets remained subdued on fears of a further rise in subrprime housing mortgage crisis.

Standard gold and ornaments dipped by Rs115 each at Rs10,100 and Rs9,950 per 10 grams. Sovereign also lost Rs25 at Rs8,500 per piece of eight gram.

Silver ready plummeted Rs350 to Rs18,700 a kilo and weekly-based delivery by Rs325 at Rs18,735. Coins also traded lower by Rs100 at Rs24,800 for buying and Rs24,900 for selling of 100 coins.

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