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Gold prices fall on weak global cues

Gold prices fall on weak global cues
PTI
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First Published: Fri, Jul 24 2009. 09 57 PM IST
Updated: Fri, Jul 24 2009. 09 57 PM IST
New Delhi: Gold prices on Friday fell by Rs50 to close at Rs15,140 per ten gram in the bullion market here on emergence of selling by stockists influenced by weakening global trend.
However, silver continued to rise on increased offtake from industrial units.
Marketmen said fresh selling by stockists influenced by weakening trend in the US market last evening mainly led to fall in gold prices.
Reduced offtake by retailers at existing higher levels and some funds seen shifting to rising equity market for quick gains also reduced metal demand, they said.
Standard gold and ornaments which remained in demand last two trading sessions, fell by Rs50 each to Rs15,140 and Rs14,990 per ten gram respectively. However, sovereign, held steady at Rs12,475 per piece of eight gram.
On the other hand, silver ready remained in demand from industrial units and recorded further gain of Rs150 to Rs22,550 per kg but weekly-based delivery lost Rs100 at Rs22,380 per kg. Silver coins also declined by Rs100 to Rs29,400 for buying and Rs24,500 for selling of 100 pieces.
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First Published: Fri, Jul 24 2009. 09 57 PM IST
More Topics: Gold | Bullion | Markets | Stocks | Rupee |