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Gold prices dip on weak global cues

Gold prices dip on weak global cues
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First Published: Mon, Jul 07 2008. 04 04 PM IST
Updated: Mon, Jul 07 2008. 04 04 PM IST
PTI
New Delhi: Gold prices fell by Rs145 to dip below the Rs13,000 level on the bullion market on emergence of selling by stockists influenced by weak global trends.
Standard gold and ornaments tumbled by Rs145 each to Rs12,955 and Rs12,805 per 10 grams respectively. Sovereign, also gained Rs100 to Rs10,250 per piece of eight gram.
“Selling pressure gathered momentum after reports that gold fell for third straight session in London as the rising dollar reduced the metal’s appeal as an alternative investment,” marketmen said.
They said emergence of selling by stockists in the face of falling trend in global markets mainly pulled down gold prices.
“Rising equity market also forced some investors to shift their funds from gold to equity market for quick gains leading to reduced gold demand,” they added.
However, silver depicted an adversed behavior on emergence of buying by stockists and industrial units.
Silver ready rose by Rs100 to Rs24,850 and weekly-based delivery by Rs200 to Rs25,200 per kg respectively. However, silver coins ruled flat at Rs27,400 for buying and Rs27,500 for selling of 100 coins.
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First Published: Mon, Jul 07 2008. 04 04 PM IST
More Topics: Bullion | Report | Gold | Silver | Money Matters |