Gold remains subdued on weak global cues

Gold remains subdued on weak global cues
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First Published: Thu, May 28 2009. 04 38 PM IST
Updated: Thu, May 28 2009. 04 38 PM IST
Mumbai: Extending losses for the second straight day, gold prices fell further by Rs10 to close at Rs14,820 per ten gram in the bullion market today on selling by stockists influenced by weakening global trend.
However, silver attracted brisk buying from speculators and industrial units and rose smartly by Rs250 to Rs22,800 per kg.
Buying activity in gold remained restricted as metal prices fell for a third day in Asia firming dollar.
Marketmen said sustained selling by stockists in line with weakening trend in Asian region mainly led to a fall in gold prices.
They said some funds seen shifting from weakening gold to rising equity markets for quick gains, also gave a negative impact on the sentiment.
In Asia, gold traded lower 0.6% to $944.65 an ounce and silver by 0.5% to $14.675 an ounce.
Standard gold and ornaments lost Rs10 each at Rs14,820 and Rs14,670 per ten gram respectively. However, sovereign remained steady at Rs12,400 per piece of eight gram.
On the other hand, silver ready remained in demand and rose further by Rs250 to Rs22,800 per kg and weekly-based delivery by Rs505 to Rs23,185 per kg respectively.
Silver coins also gained Rs200 to Rs29,300 for buying and Rs29,400 for selling of 100 pieces in line with a firming silver trend.
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First Published: Thu, May 28 2009. 04 38 PM IST
More Topics: Gold | Futures | Bullion | Commodity | Rupee |