Gold snaps four-day winning spree, drops by Rs110 per ten grams

Gold snaps four-day winning spree, drops by Rs110 per ten grams
PTI
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First Published: Tue, Jun 02 2009. 07 07 PM IST
Updated: Tue, Jun 02 2009. 07 07 PM IST
Mumbai: Snapping a four-day winning streak, gold prices declined Rs110 per ten grams to Rs14,855 on the bullion market on Tuesday on lack of demand at higher levels inspite of higher global advices.
Silver prices also reacted downwards after gaining Rs1,060 or 4.67% per kilo in last four sessions on fresh stockists offerings.
Gold edged higher in Europe, recovering from earlier losses, as dealers remained wary about the outlook for the dollar which hit its lowest level this year in the last session.
Spot gold was quoted at $975.40 an ounce in early trade as against $973.95 an ounce late in New York.
Silver was traded at $15.60 an ounce $15.59, after touching a nine-month high at $15.94 an ounce on Monday.
In the domestic market, standard gold (99.5 purity) fell by Rs110 per ten grams to Rs14,855 from Rs14,965 on Monday. It had gained by Rs350 or 2.39% per ten grams in the last four sessions.
Pure gold (99.9 purity) also moved down by Rs115 per ten grams to Rs14,920 from Rs15,035 on Monday.
Silver ready (.999 fineness) tumbled by Rs120 per kilo to Rs23,620 from Rs23,740.
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First Published: Tue, Jun 02 2009. 07 07 PM IST
More Topics: Commodities | Gold | Silver | Europe | Dollar |