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Gold dips on weak global cues, fresh selling

Gold dips on weak global cues, fresh selling
PTI
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First Published: Thu, Jan 15 2009. 04 40 PM IST
Updated: Thu, Jan 15 2009. 04 40 PM IST
New Delhi: Gold prices tumbled by Rs110 to Rs 13,090 per 10 gram in the national capital on Thursday on heavy selling by stockists sparked by weak global trend amid restricted buying.
Silver followed the same trend and fell by Rs300 to Rs17,750 per kg.
Marketmen said selling by stockists influenced by a weakening trend in international market amid restricted buying due to off marriage and festival season mainly pulled down gold prices.
They said the bullion market, which normally move in tandem with international trend failed to provide any support after the gold in Hong Kong fell to 809.00 dollars an ounce from previous close of 828.00.
Gold fell 1% in Hong Kong, giving up earlier gains as dollar firmed up against the euro after weaker-than-expected economic data sparked a flight to the relative safety of the US currency, they added.
A similar weakening trend was noticed in silver as stockists refrained from extending support at existing higher level. Silver ready fell by Rs300 at Rs17,750 per kg and weekly-based delivery by Rs310 at Rs17,550 per kg.
Silver coins fell by Rs100 to Rs26,800 for buying and Rs26,900 for selling of 100 pieces.
Standard gold and ornaments fell by Rs110 each at Rs13,090 and Rs12,940 per 10 gram, respectively. Sovereign, on the other hand, continued to be asked at previous level of Rs10,725 per piece of eight gram.
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First Published: Thu, Jan 15 2009. 04 40 PM IST
More Topics: Gold | Bulliion | Commodity | Markets | India |