Gold falls as overseas markets remain close

Gold falls as overseas markets remain close
Comment E-mail Print Share
First Published: Mon, Apr 09 2007. 03 22 PM IST
Updated: Mon, Apr 09 2007. 03 22 PM IST
PTI
New Delhi: Gold prices declined on the bullion market today on account of reduced offtake by stockists and jewellery fabricators.
However, silver remained unaltered in the absence of any worthwhile support.
Marketmen said there was no guidance to the domestic market as most of the leading overseas markets, which normally set price band here, remained close for Easter Monday.
They said gold was little lower after some Asian markets reported a decline as fall in crude oil prices reduced the precious metal’s appeal to investors as an inflation hedge.
Gold often moves in line with oil prices, which fell today on easing concerns about supply disruptions after Iran released 15 British sailors and marines who had been held for 13 days. Gold in Asian region fell 4.75 dollar to 670.25.
In domestic market, standard gold and ornaments fell by Rs45 to Rs9,500 and Rs9,350 per ten gram respectively. Sovereign gold was unchanged at Rs7,850 per piece of eight gram.
Silver ready remained steady at Rs19,700 per kilo even as the weekly-based delivery declined by Rs30 to Rs19,950 per kilo.
Silver coins dropped by Rs100 to Rs24,500 for buying and Rs24,600 for selling of 100 pieces.
Comment E-mail Print Share
First Published: Mon, Apr 09 2007. 03 22 PM IST
More Topics: Money Matters | Commodities |