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Gold slips on weak global trend

Gold slips on weak global trend
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First Published: Mon, Aug 20 2007. 02 53 PM IST
Updated: Mon, Aug 20 2007. 02 53 PM IST
PTI
New Delhi: Gold prices turned weak on the bullion market here on 20 August on reduced buying, triggered by a weakening global trend, and closed with a moderate loss of Rs10 at Rs8,910 per ten gram.
Silver for weekly-based delivery continued to be under selling pressure and speculators refrained from enlarging their positions. The metal lost almost Rs 2,320 per kilo in the last one week.
Marketmen said gold fell on account of weakening overseas trend where the metals eased following the US Federal Reserve cutting discount rate to control widening subprime mortgage crisis.
Gold prices in Asia fell by $3.95, or 0.6%, to $653.85 an ounce and the impact was felt in domestic markets here this morning, traders said.
Standard gold and ornaments weakened by Rs10 each at Rs 8,910 and Rs8,760 per ten gram respectively while sovereign managed to hold previous level of Rs7,600 per piece of eight gram.
Likewise, silver weekly-based delivery nosedived by Rs840 to settle at Rs16,500 a kilo.
Silver coins, on the other hand, sank by Rs200 each at Rs23,300 for buying and Rs23,400 for selling of 100 coins on poor demand.
Meanwhile, silver ready continued to be asked at previous level of Rs16,850 a kilo in limited, small deals.
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First Published: Mon, Aug 20 2007. 02 53 PM IST
More Topics: Bullion | gold | silver | Money Matters | Commodities |