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HindustanTimes Wed,03 Sep 2014

Gold at fresh 10-mth low on stockists selling

PTI  New Delhi, May 23, 2014
First Published: 16:55 IST(23/5/2014) | Last Updated: 17:00 IST(23/5/2014)

Continuing its losing streak for the fourth straight day, gold prices lost another Rs. 300 to trade at fresh 10-month low of Rs. 28,250 per ten gram in the national capital on Friday as stockists engaged in reducing positions.

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Silver, however, found scattered buying support and managed to recover by Rs. 50 to Rs. 41,700 per kg.

Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

Besides, diversion of funds from bullion to soaring equity markets and strengthening rupee against the US dollar weighed on the gold prices, they said.

"Customers are deferring purchases on expectations of further dip in the gold prices," said Rakesh Anand of RK Jewellers.

In Delhi, gold of 99.9 and 99.5% purity remained under selling pressure and plunged by Rs. 300 each at Rs. 28,250 and Rs. 28,050 per ten gram respectively, a lowest level since August last year.

The yellow metal had lost Rs. 1,030 in the previous three sessions. Sovereign, remained steady at Rs. 24,800 per piece of eight gram.

On the other hand, silver ready recovered by Rs. 50 to Rs. 41,700 per kg while weekly-based delivery traded lower by Rs. 90 to Rs. 40,900 per kg on lack of speculators' buying support.

Silver coins maintained steady trend at Rs. 79,000 for buying and Rs. 80,000 for selling of 100 pieces.


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