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Gold falls to Rs22,230, silver down by Rs540

Gold falls to Rs22,230, silver down by Rs540
PTI
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First Published: Sat, May 14 2011. 04 29 PM IST
Updated: Sat, May 14 2011. 04 29 PM IST
New Delhi: Gold and silver fell on Saturday due to a weakening global trend and slackened spot demand. While gold declined by Rs240 to Rs22,230 per 10 grams, silver took a plunge of Rs540 to Rs54,410 per kg.
Trading sentiments turned bearish as gold in global markets showed weakness due to a stronger dollar eroding appeal of the precious metal as an alternative asset.
Gold in global markets, which normally sets a price trend on the domestic front, fell by $11.70 to $1,495.20 an ounce.
In addition, lack of demand at spot markets despite the ongoing marriage season, also kept pressure on the prices, traders said.
On the domestic front, gold of 99.9 and 99.5% purity fell by Rs240 each to Rs22,230 and Rs22,120 per 10 grams, respectively. It rose by Rs300 in Friday’s trade. Sovereigns followed suit and declined by Rs100 to Rs18,400 per piece of eight grams.
In line with a general trend, silver ready dropped by Rs 540 to Rs 54,410 per kg. The metal had gained Rs1,650 in last trading session. Silver-weekly-based delivery lost Rs440 to Rs53,810 per kg, after gaining Rs1,950 in the previous session.
Silver coins also tumbled by Rs1,000 to Rs60,000 for buying and Rs61,000 for selling of 100 pieces.
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First Published: Sat, May 14 2011. 04 29 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |