Gold declines marginally on weak global cues, selling pressure
Snapping two-day rising streak, gold prices declined by Rs 40 to Rs 17,060 per ten grams in the bullion marketing New Delhi on Tuesday on selling pressure influenced by a weak global trend.business Updated: Apr 13, 2010 17:11 IST
Snapping two-day rising streak, gold prices declined by Rs 40 to Rs 17,060 per ten grams in the bullion marketing New Delhi on Tuesday on selling pressure influenced by a weak global trend.
Standard gold and ornaments declined by Rs 40 each to Rs 17,060 and Rs 16,910 per ten grams, respectively. They had gained Rs 245 in the last two trading sessions. Sovereign, however, remained unchanged at Rs 14,025 per eight-gram piece.
The trading sentiment turned bearish after gold weakened from its four-month highs in London on dollar strength and the European countries' pledge to provide loans to Greece that curbed demand for the metal.
The precious metal in global markets, which normally set the price trend on the domestic front here, lost $ 3.88 to $ 1,152.32 an ounce.
Marketmen said reduced offtake at existing levels and reports of a weak trend in the global markets led to the fall in gold prices.
In line with the trend, silver ready fell by Rs 250 to Rs 27,900 per kg and weekly-based delivery by Rs 385 to Rs 27,610 per kg. Its coins too traded lower by Rs 100 to Rs 33,500 for buying and Rs 33,600 for selling of 100 pieces.