Gold dips by Rs150 on weak global cues

Gold dips by Rs150 on weak global cues
PTI
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First Published: Thu, Nov 13 2008. 02 32 PM IST
New Delhi: Gold prices on Thursday tumbled by Rs150 to close at Rs11,850 per 10 gram in the bullion market here largely in tandem with weakening global market as dollar rallied.
Silver prices, too, dropped by Rs275 at Rs 16,600 per kg amid reduced off-take by consuming industries and speculators.
Trading sentiments turned weak after gold in global markets dropped by $21.90 to $707.80 an ounce, the lowest level this month as a rally in the dollar eroded the appeal of the precious metals and other commodities.
In the domestic market, standard gold and ornaments fell by Rs150 each at Rs11,850 and Rs11,700 per 10 gram respectively, while sovereign moved down by Rs50 at Rs10,350 per piece of eight gram on subdued demand.
Silver ready continued its slide largely in line with weak global trend and dipped by another Rs275 at Rs16,600 per kg and weekly-based delivery slipped by Rs131 at Rs16,627 per kg on reduced off-take by speculators.
Silver coins shed Rs100 at Rs26,900 for buying and Rs27,000 for selling of 100 pieces.
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First Published: Thu, Nov 13 2008. 02 32 PM IST
More Topics: Bullion | Gold | Silver | Trade | Indian Markets |