Gold slides on weak global cues, subdued demand

Gold slides on weak global cues, subdued demand

New Delhi: Gold prices fell for the third day in a row and lost Rs30 to Rs17,730 per ten gram in the bullion market on Monday on sustained selling by stockists amid a weakening global trend.

The other precious metal- silver- too dropped on poor offtake by industrial users and coin manufacturers.

Silver ready fell by Rs200 to Rs28,800 per kg and weekly-based delivery by Rs315 to Rs38,345 per kg.

Trading sentiments remained bearish as gold dropped one per cent to 1,149.70 dollar an ounce in London. The metal had touched a record $1,226.56 on 3 December.

Marketmen said sustained selling in gold was because of continued investor concerns about a weakening global trend.

The retail customers also refrained from purchasing the precious metal at the prevailing high level, putting further pressure on the prices.

Standard gold and ornaments remained under selling pressure since last two trading sessions and lost another Rs30 each at Rs17,730 and Rs17,580 per ten gram respectively.

Gold and gold ornaments had recorded a loss of Rs790 in the last two trading sessions while sovereign held steady at Rs14,100 per piece of eight gram in restricted buying.

In line with a general weakening trend, silver coins tumbled by Rs400 to Rs34,000 for buying and Rs34,100 for selling of 100 pieces.