Gold falls on weak global cues

Gold falls on weak global cues
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First Published: Wed, Sep 03 2008. 04 14 PM IST
Updated: Wed, Sep 03 2008. 04 14 PM IST
PTI
New Delhi: Extending its losses for a second day, gold fell by Rs40 to close at Rs11,840 per 10 gram on the bullion market following sustained selling triggered by weak global cues.
The precious metal had lost Rs 260 in the previous session.
Marketmen said selling pressure picked up as gold fell below $800 an ounce in international markets.
Retailers postponed buying on expectations of further fall in gold prices, they added.
Gold prices in London declined for a fourth day after crude oil prices dropped further, reducing demand for the metal as a hedge against inflation.
In the domestic market, standard gold and ornaments lost Rs40 each at Rs11,840 per 10 gram and Rs11,690 per 10 gram. However, sovereign, gained Rs50 at Rs9,900 per piece of eight gram.
There was no trading in silver on account of ‘Ganesh Chaturthi.’
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First Published: Wed, Sep 03 2008. 04 14 PM IST
More Topics: Bullion | Gold | Silver | Oil | Inflation |