Gold falls by Rs 100 on reduced offtake, global cues
Both the precious metals, gold and silver drifted on the bullion market today on reduced offtake by stockists at existing higher levels, amid weakening global trends.business Updated: Feb 12, 2011 15:38 IST
Both the precious metals, gold and silver drifted on the bullion market on Saturday on reduced offtake by stockists at existing higher levels, amid weakening global trends.
While gold fell by Rs 100 to Rs 20,520 per 10 grams, silver dropped by Rs 300 to Rs 45,800 per kg.
Trading sentiment turned bearish after gold fell from a three-week high in global markets as advancing dollar against leading currencies eroded demand for the precious metals as an alternative asset.
Gold in global markets, which normally sets a price trend on the domestic front, fell by USD 6.70 to USD 1356.80 an ounce and silver by 0.99 per cent to USD 29.91 an ounce.
Retail customers refraining from purchasing gold at existing higher levels also dampened the trading sentiment, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 100 each to Rs 20,520 and Rs 20,400 per 10 grams, respectively. The metal had gained Rs 120 in the previous trading session.
Sovereign continued to be asked around previous level of Rs 16,900 per piece of eight grams.
In line with a general weakening trend, silver ready dropped by Rs 300 to Rs 45,800 per kg and weekly-based delivery by Rs 205 to Rs 45,510 per kg.
However, silver coins maintained previous levels of Rs 50,300 for buying and Rs 50,400 for selling of 100 pieces.