Gold down by Rs 305, silver sheds Rs 300 on global cues
Extending losses for the second day in a row, both gold and silver witnessed a decline in the national capital's bullion market on sustained selling by stockists in tandem with a weak global trend.business Updated: Aug 30, 2011 15:27 IST
Extending losses for the second day in a row, both gold and silver witnessed a decline in the national capital's bullion market on sustained selling by stockists in tandem with a weak global trend.
While gold lost Rs 305 at Rs 27,185 per 10 grams, silver shed Rs 300 to Rs 62,500 per kg.
Traders said sustained selling by stockists in line with a weak trend overseas amid fall in demand at existing higher levels mainly pulled down both the precious metals.
Gold in global markets, which normally sets the price trend on the domestic front, fell sharply by $40.60 an ounce to $1788.50 an ounce. Silver declined by 1.49% to $40.88 an ounce.
Moreover, a bounce back in domestic equity markets also reduced the demand of the precious metals as an alternate investment option, they added.
On the domestic front, gold of 99.9% and 99.5% purity remained under selling pressure and plunged by Rs 305 each to Rs 27,185 and Rs 27,035 per 10 grams, respectively.
It had lost Rs 600 on Monday.
Sovereign shed Rs 100 to Rs 22,300 per piece of eight grams.
Silver ready fell by Rs 300 to Rs 62,500 per kg and weekly-based delivery shed Rs 1,005 to Rs 61,025 per kg.
The metal had lost Rs 1,800 in the previous session.
Silver coins, however, ended flat at Rs 69,500 for buying and Rs 70,500 for selling of 100 pieces on scattered small buying support.