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Gold retreats from record high on reduced offtake, global cues

Gold retreats from record high on reduced offtake, global cues
PTI
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First Published: Tue, Jul 26 2011. 05 24 PM IST
Updated: Tue, Jul 26 2011. 05 24 PM IST
New Delhi: Gold prices fell from record high of Rs23,620 per 10 grams by losing Rs120 to Rs23,500 per 10 grams on Tuesday on reduced offtake at existing high levels amid a weakening global trend.
However, silver strengthened by Rs365 to Rs59,865 per kg on increased demand from industrial units.
Trading sentiment in gold turned bearish due to fall in demand at existing high levels, traders said.
They added that the retailers were waiting for some correction in the metal’s prices after it declined overseas.
The gold in global markets, which normally sets a price trend on the domestic front here, declined by $3.10 to $1,611.70 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity fell by Rs120 each to Rs23,500 and Rs23,380 per 10 grams, respectively. The yellow metal had climbed to an all-time high of Rs23,620 on Monday.
Sovereigns remained steady at Rs18,950 per piece of eight grams in restricted buying.
On the other hand, while silver ready strengthened by Rs365 to Rs59,865 per kg, weekly-based delivery dipped by Rs1,170 to Rs59,100 per kg on lack of speculator’s support.
Silver coins also declined by Rs500 to Rs65,000 for buying and Rs66,000 for selling of 100 pieces.
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First Published: Tue, Jul 26 2011. 05 24 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |