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Gold weakens on selling, negative global cues

Gold weakens on selling, negative global cues
PTI
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First Published: Mon, Apr 19 2010. 05 35 PM IST
Updated: Mon, Apr 19 2010. 05 35 PM IST
New Delhi: Gold prices declined marginally by Rs10 to Rs16,790 per ten grams in the bullion market on Monday on sustained selling influenced by a weak global trend.
Standard gold and ornaments, which had lost Rs225 in the previous session, shed another Rs10 each to trade at Rs16,790 and Rs16,640 per ten grams, respectively. Sovereign also declined by Rs25 at Rs14,000 per eight-gram piece.
The trading sentiment remained bearish as gold tumbled in the global markets, slumping the most since 4 February, after the US Securities and Exchange Commission (SEC) alleged fraud and filed a suit against Goldman Sachs over its marketing of a subprime mortgage product.
Gold in the overseas markets, which normally sets the price trend on the domestic front, fell 0.4% to $1,132.4 an ounce in Singapore. The metal had tumbled 1.9% on 16 April.
In line with a general weakening trend, silver ready and weekly-based delivery fell further by Rs100 and Rs160 to Rs27,300 and Rs26,890 per kg.
However, silver coins held steady at Rs33,500 for buying and Rs33,600 for selling of 100 pieces.
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First Published: Mon, Apr 19 2010. 05 35 PM IST
More Topics: Gold | Bullion | Rupee | Silver | Dollar |