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HindustanTimes Sat,23 Aug 2014

Gold falls for 3rd day; down Rs. 90 on strong rupee, global cues

PTI  New Delhi, January 19, 2013
First Published: 15:25 IST(19/1/2013) | Last Updated: 15:35 IST(19/1/2013)

Gold prices continued to slide for the third-day by losing Rs. 90 to Rs. 30,910 per 10 gm in the national capital today largely on strong rupee against the dollar and subdued demand amid a weak global trend.

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However, silver held steady at Rs. 59,400 per kg in restricted buying at prevailing higher levels.

Traders said strengthening of rupee which climbed to a two-and-a-half month high of Rs. 53.71 against the dollar yesterday, making importers of the precious metal cheaper, mainly put pressure on the gold prices.

Besides, subdued demand at prevailing levels and a weakening global trend, too, had shadow on the precious metal prices, they said.

Gold in global markets, which normally set price trend on the domestic front, declined by $2.40 to $1,684.70 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs. 90 each to Rs. 30,910 and Rs. 30,710 per 10 gm, respectively. Overall, the metal had lost Rs. 325 in last two sessions. Sovereign also shed Rs. 50 at Rs. 25,400 per piece of eight gram.

On the other hand, silver ready held steady at Rs. 59,400 per kg, while weekly-base delivery declined by Rs. 60 to Rs. 59,375 per kg.

Meanwhile, silver coins remained steady at Rs. 82,000 for buying and Rs. 83,000 for selling of 100 pieces.


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