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Gold falls; silver records biggest fall of year

Gold falls; silver records biggest fall of year
PTI
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First Published: Fri, Apr 17 2009. 04 06 PM IST
Updated: Fri, Apr 17 2009. 04 06 PM IST
New Delhi: On emergence of selling by investors influenced by the weak global trend amid the rising stock markets, the gold plummeted by Rs220 to Rs14,300 per 10 gram, while silver recorded the biggest fall of the year on the bullion market here on Friday.
In line with the bearish trend in the global market, silver prices recorded the biggest fall of the year by losing Rs1,720 at Rs20,600 per kg.
Silver and gold declined in Asia, which normally set trend in the domestic market, after major market players shifted funds to the rising stock markets, marketmen said.
They said gold in Asia headed for its fourth weekly decline, the longest losing streak since August, as a global stock rally eroded demand for the metal, which had a negative impact on the domestic market here.
The gold was seen falling to $872 an ounce in Asia, while it declined $891 in the US markets on Thursday evening.
Gold has fallen 4.6% in the past one month in the global market, while the benchmark MSCI Asia Pacific Index soared 18%.
In the domestic market, silver ready tumbled by Rs1,720 at Rs20,600 per kg and weekly-based delivery by Rs820 at Rs20,200 per kg.
Silver coins declined by Rs100 at Rs27,900 for buying and Rs28,00 for selling of 100 pieces.
Standard gold and ornaments dropped by Rs220 each at Rs14,300 and Rs14,150 per 10 gram, respectively. Sovereign, on the other hand, remained unchanged at Rs12,350 per piece of eight gram.
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First Published: Fri, Apr 17 2009. 04 06 PM IST
More Topics: Markets | India | Gold | Commodit | Bullion |