Gold declines on weak global cues, fall in demand
Gold prices on Friday fell by Rs 50 to close at Rs 15,140 per ten gram in the bullion market here on emergence of selling by stockists influenced by weakening global trend.business Updated: Jul 24, 2009 17:31 IST
Gold prices on Friday fell by Rs 50 to close at Rs 15,140 per ten gram in the bullion market here on emergence of selling by stockists influenced by weakening global trend.
However, silver continued to rise on increased offtake from industrial units.
Marketmen said fresh selling by stockists influenced by weakening trend in the US market last evening mainly led to fall in gold prices.
"Reduced offtake by retailers at existing higher levels and some funds seen shifting to rising equity market for quick gains also reduced metal demand," they said.
Standard gold and ornaments which remained in demand last two trading sessions, fell by Rs 50 each to Rs 15,140 and Rs 14,990 per ten gram respectively. However, sovereign, held steady at Rs 12,475 per piece of eight gram.
On the other hand, silver ready remained in demand from industrial units and recorded further gain of Rs 150 to 22,550 per kg but weekly-based delivery lost Rs 100 at Rs 22,380 per kg. Silver coins also declined by Rs 100 to Rs 29,400 for buying and Rs 24,500 for selling of 100 pieces.