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Gold declines on fresh selling and weak global cues

Gold declines on fresh selling and weak global cues
PTI
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First Published: Mon, Jan 21 2008. 04 12 PM IST
Updated: Mon, Jan 21 2008. 04 12 PM IST
New Delhi: Gold prices dropped by Rs60 in the bullion market here today as stockists preferred offloading a part of their holding in the precious metal to invest in equity markets at prevailing attractive levels.
The Sensex has witnessed losses for six straight days, including today. The Sensex today plummeted by over 2,000 points to below 17K level in pre-close trading.
Silver prices also declined by Rs200 today.
Marketmen said crashing stock markets in the past six sessions in a row drove some of the fundamentally strong shares down to levels which attracted fresh investments.
Standard gold and ornaments in bullion here lost Rs60 each at Rs11,350 and Rs11,200 per gram respectively. Sovereign remained flat at Rs9,100 per piece of eight gram.
Silver ready plunged by 200 at Rs20,200 per kilo and silver weekly-based delivery by Rs110 at Rs20,780 per kilo.
Silver coins were also down by Rs 100 at Rs25,400 for buying and Rs25,500 for selling of 100 coins.
A major fall in gold prices in global markets for the fifth straight session, reducing the appeal of the precious metal, also played a part in turning the sentiments bearish in the domestic market.
Gold traded $1.43 lower at $881.74 an ounce in Singapore and silver lost 0.2% to 16.12 dollar.
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First Published: Mon, Jan 21 2008. 04 12 PM IST
More Topics: Bullion | Metal | Gold | Silver | Money Matters |