Gold drops Rs210 on global cues

Gold drops Rs210 on global cues
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First Published: Tue, Jun 10 2008. 04 14 PM IST
Updated: Tue, Jun 10 2008. 04 14 PM IST
PTI
New Delhi: A four-day long rising spree was snapped as gold dropped by Rs210 to Rs12,495 per 10 gram on the bullion market on stockists selling influenced by a weakening global trend.
Marketmen said selling pressure gathered momentum as the dollar strengthened and oil declined, diminishing the metal’s appeal as a hedge against a drop in the US currency and inflation.
They said brisk selling by stockists triggered by falling trend in global market mainly attributed to a fall in gold prices. Sluggish demand in view of off marriage and festival season also dampened the market sentiment to some extent.
In London, gold fell $7.85 to $885.05 an ounce. Futures for July delivery also declined $10.30 to $887.80 an ounce on the Comex division of the New York Mercantile Exchange.
In the domestic market, standard gold and ornaments fell Rs210 each to Rs12,495 and Rs12,345 per 10 grams respectively and sovereign lost Rs25 to Rs10,025 per piece of eight gram.
A similar trend was extended in white metal as silver ready dropped by Rs670 to Rs24,000 per kg and weekly-based delivery by Rs635 to Rs23,935 per kg .
On the other hand, silver coins remained flat at Rs27,100 for buying and Rs27,200 for selling of 100 coins.
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First Published: Tue, Jun 10 2008. 04 14 PM IST
More Topics: Bullion | Gold | Silver | Dollar | Markets |