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Gold snaps 3-day rise on stockists offerings

Gold snaps 3-day rise on stockists offerings
PTI
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First Published: Thu, May 27 2010. 07 51 PM IST
Updated: Thu, May 27 2010. 07 51 PM IST
Mumbai: After a three day surge, gold prices declined moderately at the bullion market here on Thursday on the back of fresh stockists offerings coupled with lack of demand at higher levels despite advancing trend in global markets.
“Gold is bound to move on a correction mode and may come down in near term after its record breaking spree for the past two day’s, in spite of the marriage season but will remain favourite in the current uncertain global situation,” traders said.
Silver also eased on lower stockists offtake.
Standard gold (99.5 purity) fell by Rs90 per ten grams to finish at Rs18,570 from Wednesday’s close of Rs18,660.
Pure gold (99.9 purity) also ended lower by a similar margin to Rs18,655 from Rs18,745 previously.
Silver ready (.999 fineness) softened by Rs15 per kilo to Rs29,820 from Rs29,835.
Gold rose for the fourth day in Europe after debt woes attracted buying from investors.
Spot gold was bid at $1,214.15 an ounce in early trading as against $1,209.90 late in New York.
US gold futures for June delivery rose by $0.7 to finish at $1,214.10 an ounce on the Comex division of the NYMEX.
Spot silver was bid at $18.34 an ounce as against $18.01.
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First Published: Thu, May 27 2010. 07 51 PM IST
More Topics: Gold | Bullion | Silver | Commodity | Dollar |