Home > market > stock-market-news > Gold remains weak on sustained selling, global cues

New Delhi: Continuing its slide, gold prices fell by another 40 to 8,060 per ten gram in Delhi bullion market on Tuesday on increased selling by stockists, tracking a weak trend overseas. Silver, however, held steady at 44,900 per kg in restricted buying activity from industrial units and coin makers.

Traders said sustained selling by stockists, taking weak cues from the global market where gold retreated from a three- month high, mainly kept pressure on gold prices in Delhi.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.2% to $1,316.80 an ounce. Besides, appreciating rupee against the dollar, which makes imports cheaper, influenced the sentiment, they said.

In Delhi, gold of 99.9 and 99.5% purity dropped further by Rs140 to Rs28,060 and Rs27,860 per ten gram respectively. It had lost Rs200 in last two days. Sovereign followed suit and lost Rs100 at Rs24,800 per piece of eight gram.

On the other hand, silver ready held steady at Rs44,900 per kg, while weekly-based delivery traded marginally higher by Rs15 to Rs44,725 per kg.

Silver coins, however, remained steady at Rs79,000 for buying and Rs80,000 for selling of 100 pieces.

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