Gold slips on sluggish demand

Gold slips on sluggish demand
PTI
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First Published: Thu, Aug 07 2008. 05 18 PM IST
Updated: Thu, Aug 07 2008. 05 18 PM IST
New Delhi: Gold prices fell for the third straight session in the national capital on 7 August on stockists selling sparked by a weak global trend.
The precious metal, which had lost Rs490 in last two trading sessions, slipped by Rs10 to close at Rs12,250 per 10 gram on the bullion market here.
Selling pressure gathered momentum as gold in overseas markets declined to $876 an ounce from its previous close of $888.
Activity in gold remained thin as stockists and retailers refrained from enlarging their position on expectations of further fall in its prices.
Standard gold and ornaments shed Rs10 each at Rs12,250 and Rs12,100 per 10 gram respectively. Sovereign held steady at Rs10,525 per piece of eight gram.
Silver ready in restricted activity ruled flat at Rs23,650 per kg but weekly-based delivery declined by Rs55 to Rs23,395 a kg respectively.
Silver coins were enquired around previous level of Rs27,800 for buying and Rs27,900 for selling of 100 pieces.
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First Published: Thu, Aug 07 2008. 05 18 PM IST
More Topics: Bullion | Gold | Silver | Sovereign | Money Matters |