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Gold falls on weakening trend

Gold falls on weakening trend
PTI
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First Published: Tue, Jul 06 2010. 02 24 PM IST
Updated: Tue, Jul 06 2010. 02 24 PM IST
New Delhi: Gold prices fell by Rs50 to Rs18,750 per 10 grams in the national capital on Tuesday as stockists sold heavily amid sparse demand at existing high prices at home and a weakening trend in global markets.
The trading sentiment for the precious metal has been cautious following the sharp fall in gold prices from their record level of Rs19,220 per 10 grams on 8 June. This has fuelled speculation that demand for gold will go further downhill from here, especially in light of the trend in global markets.
Reduced offtake from retailers at existing higher levels and shifting of funds from weakening bullion to rising equity markets also dampened the trading sentiment for gold, traders said.
Gold in overseas markets, which normally sets the price trend on the domestic front, declined by 0.5% to $1,203.15 an ounce in Monday’s session.
Gold of 99.99 and 99.5% purity fell by Rs50 each to Rs18,750 and Rs18,650 per 10 grams respectively. However, sovereigns gained Rs25 to Rs14,600 per piece of eight grams on emergence of local buying.
In line with the general weakening trend in bullion, silver ready declined by Rs50 to Rs29,000 per kg and weekly-based delivery by Rs45 to Rs 28,710 per kg.
Meanwhile, silver coins continued to be traded at around the previous level of Rs34,100 for buying and Rs34,200 for selling of 100 pieces.
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First Published: Tue, Jul 06 2010. 02 24 PM IST
More Topics: Gold | Silver | Trading | Money Matters | Commodities |