Prices of precious metals turn weak on reduced offtake

Prices of precious metals turn weak on reduced offtake

New Delhi: Prices of Gold and silver turned weak in the bullion market on 1 October on stockists’ and funds selling amid reduced offtake by ornaments manufacturers despite higher overseas advices.

Marketmen said buying in bullion was almost negligible as investors started parking their funds in equities in the hope of better and quicker returns.

The stock markets remained bullish as the key index Sensex, continued to rise with a gain of nearly 100 points today with most blue-chip stocks surging to record levels.

Meanwhile, the precious metals continued to surge in the international market on weakening of dollar and surging crude oils price.

Gold for immediate delivery gained 2.29 dollar, or 0.3%, to 745.89 dollar an ounce.

Standard gold and ornaments lost 10 each at 9,665 and 9,515 per ten grams respectively while sovereign was unchanged at 7,850 per piece of eight gram.

In a similar trend, silver ready declined by 50 at 17,250 a kilo while silver weekly-based delivery rose by 110 at 18,600 a kilo.

Silver coins, however, continued to be asked on the previous levels on some support at 24,100 for buying and 24,200 for selling of 100 coins.