Gold snaps its rising trend on selling pressures

Gold snaps its rising trend on selling pressures
PTI
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First Published: Tue, Feb 24 2009. 06 44 PM IST
Updated: Tue, Feb 24 2009. 06 44 PM IST
Mumbai: Gold prices snapped its rising trend on Tuesday and declined marginally by Rs40 per ten grams to Rs15,705 due to selling pressure from stockists in view of weak overseas trend.
Silver prices, however, inched up slightly on mild industrial demand.
Lack of buying interest at higher levels coupled with lower global advices affected the prices of yellow metal, dealers said.
Gold futures fell in New York on Monday on profit- taking after its recent rally that had sent prices above $1,000 an ounce. Gold for February ended down by $7.20 an ounce to $994.60 an ounce on the Comex Division of the New York Mercantile Exchange. Silver March delivery ended lower at $14.45 an ounce.
Turning to the local market, standard gold (99.5 purity) fell by Rs40 per ten grams to Rs15,705 from the last weekend’s level of Rs15,745.
Pure gold (99.9 purity) also moved down to Rs15,780 from Rs15,810.
However, silver ready (.999 fineness) edged up to Rs23,235 per kilo from Rs23,230 previously.
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First Published: Tue, Feb 24 2009. 06 44 PM IST